Of course he is the Emperor! They are both Man-Gods who united humanity and brought salvation. Both are warlike Christ figures who battle and conquer in the name of mankind. Then both ascend to the heavens and become god, the emperor does it through his martyrdom at the hands of horus (yes, although technically his body is alive he is the human god for all intended purposes) and Sigmar who leaves for the east, possibly after defeating Morkar, the first lord of the end times, a figure who resembles Horus.
WFB used to be in the same Universe as 40k, just not anymore. The WFB Planet is actually supposed to be a planet in the Ultima Segmentum, and it's actually set in the time of 40k, but nobody can reach it because it's surrounded by Warp Storms. Sigmar could be a Primarch, it would be cool, but he'd be dead of old age by now. He couldn't have been the Emperor, because the Emperor is called Bob, and he was born in Turkey, on Earth, but GW has 'forgotten' about that piece of fluff as well..
I actually know what you are talking about. The Emperor was born in Turkey by a bunch of shamans committing ritual suicide and their essence became a god being blah bla blah. This origin is lame and corny and was rightly dropped. I doubt that the warhammer world was supposed to be in any specific place, considering it was modeled after our own (a fact tha no one could possibly argue with. The Emperor's origin's were revised into a mystery and rightly so. Although i do not beleive they are the same person, they serve the same purpose and are the same archetype character. Both universes contain similiar elements such as Chaos and the Dark Gods and the Old Ones (and their webway construct!) but I beleive the bottom line is that they are still separated, although sometimes things do tend to over lap.
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