Board Thread:Lore Discussion/@comment-28254659-20160503231643/@comment-4511886-20160504065234

Ocelotte is presumed to be one of the Consumed King's children. The main implication for this is how Oceiros seems to be holding something, in a way that you could hold a baby, in his right arm throughout the cutscene and the first part of the fight.

There's some speculation that he may also be Flame God Flann, as he's the only known King of Lothric, and the Queen of Lothric is heavily implied to be Gwynevere. Chances are that Ocelotte is one of many children that Gwynevere had in Lothric, and that Ocelotte may have some connection to Oceiros' dragon-like form.