Is it possible that the Kraken stories are actually descendants of Nanaimoteuthis that survived extinction?

So through out history we hear stories of the Kraken sinking down ships, but what if the reason the Kraken story exists is because these creatures could have been the surviving descendants of the now extinct *Nanaimoteuthis* which was a giant octopus species that can actually sink ships.

I know it may sound unlikely since they went extinct even before the dinosaurs, but some of the stories and artworks of these recorded encounters show and describe the Kraken being more like an Octopus than a Squid.