The Old Ones are believed to be the true creators of the Multiverse, creating the planes as part of a vast experiment that even the gods are only a part of. They are also said to have created dragons and draedens.
Before the coming of the first gods, they withdrew from the known cosmos, walling themselves off with an immortal storm called the Vortex Dimension. None can reach them. Only their servants, the spectral+hounds and umbral+blots, emerge to do their will.
Sources
DM's Guide to Immortals, page 3
Dragon #158, page 14
DM's Guide to Immortals, pages 3, 4, and 50 - see also
the Epic Level Handbook, page 224
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