WARNING: The following contains spoilers for Loki, Episode 2, "The Variant," streaming now on Disney+.

Fan theories have become part of the fun of the Marvel Cinematic Universe, and with a vast pantheon of characters to choose from, the franchise has the luxury of teasing out which ones will appear in future entries. With the introduction of the Disney+ shows, however, speculation kicked into overdrive. WandaVision made heavy, if unintentional, references to Mephisto, both in its choice of storyline and in its canonical implications for the Scarlet Witch. That set off an intense round of speculation among fans about when the demonic villain might appear and what form he might take. These theories continued into Loki, as various Easter eggs seemed to suggest Mephisto was lurking in the wings.

That hasn’t panned out – at least not as of Loki Season 1, Episode 2, “The Variant” – and the show appears to have pivoted away from the infernal corner of the Marvel Universe in order to focus on the machinations of the Time Variance Authority. Mephisto’s appearance in the MCU, though still quite possible, looks like more of a long-term prospect now than it did with WandaVision. The fan fervor around the figure has cooled for the time being, only to be replaced by a new obsession: Kang the Conqueror, whose time traveling depredations seem much more in keeping with Loki's direction.

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Kang first appeared in Avengers #8 in 1964, though he had appeared as an earlier incarnation in Fantastic Four #19. He has remained a staple villains to both superhero teams ever since. A native of the 31st century, Kang regularly used time travel technology to jump back and forth to different eras, often setting himself up as the ruler of a given time period. His schemes have sometimes entailed variant selves, such as the Council of Cross-Time Kangs, and he has had an in-comic relationship with a version of Ravonna Renslayer, who appears as a TVA judge in Loki.

All of this makes him a natural fit for the Disney+ show, dovetailing into its central idea of multiple realities and time travelling for selfish goals. In fact, Kang has already been cast in the MCU, with Jonathan Majors slated to appear as the villain in the upcoming Ant-Man and The Wasp: QuantumaniaThat has fueled speculation that he may make a cameo before then, and Loki seems like the ideal place to do it.

The show’s copious Easter eggs have added fuel to the theories, and Renslayer’s presence has pushed speculation into overdrive once again. In Episode 2, Renslayer mentions that she has “other analysts”  besides Mobius working for her, one of which could be Kang. In addition, viewers have detected a physical resemblance between Kang and the show’s Time-Keepers, prompting speculation about a connection.

Ravonna Renslayer

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While grounds do exist for a viable theory, they have already been shot down by the actor himself. Majors recently told Variety that he most assuredly does not appear in Loki, regardless of what the rumors say. Nevertheless, that hasn’t stopped the rumors from circulating, and indeed the thematic similarities between Loki and Kang suggest that more hints and cues may appear as the series goes on.

Majors' statement needn’t necessarily discount an overt nod to Kang of course; the Variant Loki spent the first episode shrouded in shadow, and a similar gesture could link the Conqueror to Loki without including the actor himself. Plus, Marvel’s NDA is notoriously strict, which means Majors likely couldn’t confirm anything regardless. All of which is to say that opinions on the villain’s theoretical appearance aren’t going away soon. Only time can dispel or affirm them, and Loki might continue to feed the fire in coming weeks.

Loki stars Tom Hiddleston, Owen Wilson, Gugu Mbatha-Raw, Wunmi Mosaku, Sophia Di Martino, Richard E. Grant, Sasha Lane and Eugene Cordero. New episodes air Wednesdays on Disney+

KEEP READING: CBR's Loki Guide: News, Easter Eggs, Reviews, Recaps, Theories and Rumors