No he is not. Don't you believe it!
Yes, he is, in fact gay. He was arrested at Firehouse, a gay bar in West Hollywood in 1998, when a man asked his date to dance. Caan reportedly yelled, "This is my lover. What are you doing?"
A fight ensued, and Scott and his date fled the scene. They were later arrested. Though the gender of his date was not published, the name of Caan's "date" was Ross Porterfield.
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He has what appears to be a cross on his right hand, a tattoo which he has had since sometime before or during 2001 (the furthest I could visibly see the tattoo in pictures).