Why yes. That -is- Jack Frost and the littlest Frost Giant ever (aka kid Loki ).
You might say "Hey, that's a weird crossover!" but hear me out! First off, it would be the most adorable! Also, these two need all the hugs. thirdly, think of all the shenanigans they'd do together! MISCHIEF! And there's fic!!! [link]
I read this one fic which I can't find for the life of me where Jack starts asking North where babies come from and it crosses with the Marvel universe and Loki is Jack's adoptive big brother (meaning I guess Thor is too) and Loki kinda goes into "protective older brother" mode when North breaks the news to him and freaks out when Jack asks him right in front of the avengers.