Does Kwan Yin hold a place in Theravada Buddhism?

Kwan Yin (a.k.a. Guanyin, Avalokiteśvara) is an important figure in Mahayana Buddhism. But I recently noticed a statue of Kwan Yin on the grounds of a local Theravada monastery. I looked up Kwan Yin on Wikipedia and a connection to Theravada Buddhism wasn't clear, but the article did list translations of her name in Thai and Sinhalese; both areas where Theravada Buddhism is predominant. I also saw mention of a statue of Avalokiteśvara listed in a very old guide to Bodhgaya. Is this figure part of early Buddhism? Or simply beloved by many?