I heard something along those lines ages ago, but it wasn't based on any actual evidence from his love life. It all revolved around his politeness, dress sense, and mannerisms. There is a slight air of campness (for want of a better word) about him, which is often linked to sexuality, but also very common in the posh (again for want of a better word). He could of course be both, but we know he is posh, so I'd attribute it to that unless told otherwise. I didn't really give it much thought, and don't plan to now either.
Even if Will is outed as being gay, or it just gets waved about by some of the press, I don't think it will have any significant impact on his popularity. After all, some of the press tried to use the posh, over privileged angle against him, but people didn't care because they liked him for the right reasons.
BTW one of the reasons Boy George slammed Pop Idol and its contestants is that he believes you can't be a proper pop-star unless you've strugled in the gutter and suffered before you make it big. As far as I can tell, the music business would rather you were gay than a nice middle-class lad.
