I would agree with most of you that the signs are pointing towards Firehawk.
The wreath colors: red, black, gray, and yellow all point towards Firehawk. It has red and yellow cars, black on part of the restraints, reddish track (more a burgundy), and gray supports.
Firehawk has seemingly been down more this year compared to previous years. When it is up it has longer wait times but it also has horrible capacity. Invertigo probably has better capacity and it is running only one train.
The location of the ride would be a good area for a giga. If you look at the other two gigas that Cedar Fair has installed semi-recently, Fury 325 and Intimidator 305, they are both off the main midways a bit. Fury was located right next to Hurler, and Intimidator which is probably a good example for KI since we have a similar (not exact) layout to KD. I305 is located right next to their Flight of Fear. It makes sense to put a Giga entrance back in that area of the park because it helps more evenly disperse the crowds in the park. You would have Banshee over in AZ, the big three in Rivertown, and this new coaster which would help bring crowds not only to FOF but also Racer, the flats in Coney, and probably would help Vortex a bit as well. Locating the giga there would also allow the park to use some of the vacant land that SOB used to occupy.
The park in the last five years has made several major/minor updates to the Coney Mall area. These have included the re-paint of Shake, Rattle, and Roll; LED lights added to Dodgems, Shake Rattle, and Roll, and Zephyr; re-painting the Subway location; Coney Bar-B-Que; and next year's Kings Mills Antique Autos. If you stand in front of Coney Bar-B-Que and look towards Firehawk you can easily visualize what a giga would add to that area. The other benefits are we would probably get the bathrooms back in that area we have wanted for years and possibly even a new restaurant.
The only thing that doesn't point toward Firehawk is the "ItsBigItsGone", as Firehawk would never be classified as "big" by most people in the size-sense but maybe it is referring to the something "big" that is going to replace it. I figure that the park will continue to tease a little while longer before the final announcement is made. It is kind of funny that whatever attention Kentucky Kingdom hoped to get with their recent teasers has been overshadowed by a faux cemetery at a park two hours away.