The first part isn't Portuguese, it's Spanish, but I can translate it all:
Ole ole ole ola
Ole ole ole ola
Ole ole ole ola
Ole ole ole ola
UNNECESSARY TRANSLATION
Es mi mundo, tu mundo, el mundo de nosotros
Invitamos a todo el mundo a jugar con nosotros
forza forza
SPANISH: "It's my world, your world, our world / We invite everbody to play with us / Force! Force!"
NOTE: I don't know if "force! force!" in english can be used by a way to support the team in English, but is the intention in this case.
ole ola
UNNECESSARY TRANSLATION
É meu, é seu
Hoje é tudo nosso
Quando chega o mundo inteiro pra jogar é pra mostrar que eu posso
Torcer, chorar, sorrir, gritar
Não importar o resultado, vamos extravasar
PORTUGUESE: It's mine, it's yours / Today, everything is ours / When all the world arrive to play is to show that I can / To support, to cry, to smile, to scream / the result doesn't matter , let's really enjoy.
I think that's it ;)