I always thought of this beast when I was little. So I thought it would be good for a Zelda game.
THE KRAKEN:
When you start the battle, it will show a cutscene where you walk into this grand underwater cave. You hear rumbling as the Kraken bursts out of the water. Your fight begins.
Now, the only problem is dodging its attacks. The Kraken has multiple uses of its tentacles, and you have to be careful. The first attack is it hits you, either sending you into the water, or hitting you causing serious damage. Now the problem with the water is that the Kraken will swim under you and eat you, causing instant death. The second attack, (It will hardly ever use this one.) it will attempt to grab you with its tentacles and use it to suck off your face with its suction cups. This causes a lot of damage, so be careful. The third attack, is it will grab you and throw you, which doesn't cause a lot of damage. The fourth attack, is it will smash into the wall and cause rocks to fall on you, also not to big of a deal. The last attack, (it will only use this when you are about to defeat it.) is when it will use two huge tentacles to smash the platform you are on, causing the platform to break, and if you get hit, instant death.
Now to kill this deadly creature from the deep, shoot it in it's huge eyes to weaken it. You will have to shoot it multiple times for one of the Kraken's eye to be seriously damaged. When it is seriously damaged, a tentacle will land on your platform, giving you a bridge up to its head. Now, use the Hookshot to graple the seaweed on its head and climb up it. (If you try doing this before you take the eyes down, you will get thrown back onto the platform, or possibly worse, into the water. ) Now on its head, there is a small bump there, slash it to cause horrid damage to the Kraken. (If you don't get the right enough hits on it, the eye will heal.) Now, it will shake you off back onto the platform. Now do this until its three eyes are gone and finish it off at the end.
The last cut scene shows the Kraken smashing into the wall many times, and the rocks from the ceiling falling on it, creating a path out of the underwater cave.