Yes that's why I said it's possible. But, why doesn't Cyclops have large tusks?

Well, I never said I held the oliphant theory plausible. I'm more than willing to concede that the "origin" of Cyclops as a character in a story is unknown, and, maybe even, unknowable. Most folks do so hate a vacuum or lacuna, and do try almost anything to fill it. The etymology of the name though seems pretty straightforward: Κυκλωψ (Kuklops) < Greek κυκλος (kuklos) 'circle; wheel' + ωψ (ōps) 'eye'.

I was reminded, offtopically, of English louche 'morally suspect' from Old French losche 'squint-eyed' < Latin luscus 'one-eyed'. Come to think of it, wheel-eyed or round-eyed doesn't necessarily imply one-eyed. Maybe the Cyclops was like the dog with eyes as big as saucers in Andersen's The Tinder Box.

Ceci n'est pas un seing.