Not necessarily. Kraken (yes, kraken - it means "the krake", so no need for an extra "the") is originally a Scandinavian mythical creature, and Scandinavian fishermen were not likely to encounter squids. In the earliest texts, it is described as a giant fish or whale, or even a giant crab, large enough to be mistaken for an island. The creature itself was said to be fairly placid, but when it dived back from the surface to the ocean floor, the currents left in its wake would drag ships down with it. The octopus/squid image was popularized much later.
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