That's a fantheory I've read, but IIRC WoJ has explicitly denied it. In particular, there is only one Winter Queen & Summer Queen, and there is no corresponding singular King for either. The Erlking is a king (who is Summer(ish)), but not the king -- except of the Goblins.I don't even think Kringle is a "King" per se; but (as a part of Winter) he is in fact subject to Mab (something she's careful about, since the current Kringle is only part-time, and the rest of the time he's... rather more than that).
It would be interesting to see how Kringle interacts with the Mothers. JB said at one point that pretty much everybody in Faerie is subordinate to the Mothers, but is Odin? I mean he's not exactly 'of Faerie' in his own identity...
I doubt that he is because he is a "god" in his own right.