The latter part of Season 4 (and a few hints in the earlier episodes) left viewers speculating that Will is gay, but his sexuality was never overtly discussed during the show. While some complained that the show was too vague and metaphoric, Noah Schnapp, who plays Will, was quick to point out that his character is a freshman in high school back in the 1980s and may not have been ready to come out.
As for the show's writers, Matt and Ross Duffer told Variety that the full arc of the story hasn’t come to pass yet, and that applies to Will’s arc, too.
They said: "It’s going to be much easier to talk about for everyone — the actors and us — once those final two episodes [of Season 4] have played. But certainly, his journey and arc is far from finished."
UPDATE: Noah Schnapp has confirmed his character, Will Byers, is gay and in love with Mike. After speaking to the Duffer brothers about what's next for Will, Schnapp said: "Obviously, we hope for a coming out scene, and I also want to see them address this connection to the Mind Flayer and how that fits into the world.”