The originial Green Lantern has been officially announced as the newly outed gay character.

From the article:

Quote
Alan Scott, the first man to wield the green power ring in 1940, is welcomed home with a kiss from his boyfriend in the upcoming issue of Earth 2. DC featured a multi-page preview of the story on its online blog.
And here's the article itself:

DC reveals \'Green Lantern\' is gay

Battle On,
Deadly Chakram

"Being with you is stronger than me alone." ~ Clark Kent

"One little spark of inspiration is at the heart of all creation." ~ Figment the Dragon