It's an anthro kraken.

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The great thing about anthropomorphising krakens, gryphons, dragons, etc.. Is that there never were any of these creatures to begin with. Essentially, anything you do is acceptable with them because even though there's mythological backgrounds for all these things, and certainly the backgrounds come with physical descriptions, it's pretty clear that they were BSed into existance by someone (whether or not the one engaging in the BS was aware of it or not) at some point in time.

Take the above, for example. If I tried to anthropomorphise a standard cephalopod, I'd run into a big problem. How? How would one make it anthro, while preserving the uniquely peculiar bodies that they have? Cephalopods have such distinctly unique bodies that any attempt to 'humanize' them by having them walk upon hind legs would destroy all the alien aspects of their being. They'd lose something. Since a kraken doesn't exist (and isn't a cephalopod), I feel pretty okay about doing whatever I want with the design.

Of course, you could just stick a couple of hands onto the end of an octopus's main arms, let them be capable of moving around on dry land, speaking and then make them the star of some kind cheesy furry comic.

Nahh.. I'm not that mean.