Quite possibly, but as far as English slang goes, I can usually see the point of a derogatory name, of which there are very many. I fail totally to see the point of this one, if this connection is to be made. I'm afraid someone is going to have to spell it out for me if they want to convince me.

ETA: The wife agrees that the offending word is very obscure in English English, she has never heard it either. It's thus hardly likely to be used in slang.