Where is the Kraken supposed to be?

Excuse me, could you please clarify where exactly the Kraken is supposed to be located? I've heard tales of this mythical sea creature haunting the depths of the ocean, but I'm unsure if there's a specific region or body of water where it's rumored to reside. Are there any legends or historical accounts that pinpoint a particular area as the Kraken's domain? And if so, what makes that location so significant in the context of this mysterious sea monster?