According to an anonymous Best Buy employee, the answer is yes.
The character is also wearing what the site claims is a 18th-century military jacket with the Assassin’s Creed symbol on it. From his weapons (a bow and a tomahawk), jewelry and boots, it can be deduce that he is a Native-American, which would make a lot of sense.
It’s important to remember that nothing is confirmed yet, and this is all simply a rumor, although the same soource claims Ubisoft is going to officially announce Assassin’s Creed III’s settings on March 5, so we don’t have to wait long before we’ll know the truth. Again, thanks to Kotaku for the image.