The traditional identification of the figure was first questioned in 1939 by Jeno Lanyi, with an interpretation leaning toward ancient mythology, the hero's helmet especially suggesting Hermes.
A number of scholars over the last 70 years have followed Lanyi,  sometimes referring to the statue as David-Mercury.
If the figure were indeed meant to represent Mercury, it may be supposed that he stands atop the head of the vanquished giant Argus Panoptes.
 However, this identification is certainly mistaken; all quattrocento references to the statue identify it as David.
The traditional identification of the figure was first questioned in 1939 by Jeno Lanyi, with an interpretation leaning toward ancient mythology, the hero's helmet especially suggesting Hermes. A number of scholars over the last 70 years have followed Lanyi,  sometimes referring to the statue as David-Mercury. If the figure were indeed meant to represent Mercury, it may be supposed that he stands atop the head of the vanquished giant Argus Panoptes.  However, this identification is certainly mistaken; all quattrocento references to the statue identify it as David.
David (Donatello)