I don't think so...

io9:

In H.P. Lovecraft's mythos, the Mi-go are tentacled crustacean aliens who dwell deep in our planetary history - and deep in the oceans. Looks like some Japanese divers may have found the real-life inspiration for the creature.

Yes, there certainly are some odd-looking creatures in the ocean depths, but just for the record, the Mi-Go had nothing to do with the oceans. Unless I've forgotten my The Whisperer in Darkness.