Um, no, in WW, the King of Red Lions specifically states that WW Link has no connection to the Hero of Time whatsoever. Watch this part of the scene with Jabun:
Here's his quote that I'm talking about:
This explicitly means that WW Link and OoT Link are not related by blood.
Interesting theory! Though, if you're implying that this could mean all the Links are the same guy in spirit, then I'm afraid to say there is official canon lore proving that wrong:
1) Hero's Shade
2) Hero of Winds
3) Street Pass Grandpa from ALBW
The Hero's Shade is the undead form of TP...