Was there a real life Kraken?

Could it be possible that there was a real-life counterpart to the mythical sea creature known as the Kraken? Is there any evidence, whether historical, archaeological, or scientific, that suggests the existence of a giant octopus or squid-like beast in our oceans? Have any reputable sources reported encounters or sightings of such a creature? And if so, how do these accounts compare to the folklore and legends that have long fascinated people around the world about the Kraken?