The quick answer to your question is yes; during the late Postclassic period (when the Aztecs inhabited the Basin of Mexico) there were legends of bygone great cities and polities. Specifically, the Aztecs and all of the people inhabiting the basin were frenzied about the Toltecs of Tula to the point that any elite aspiring to become a ruler in the hundred of cities around the central lakes would have needed to prove that they have Toltec blood. This was so because according to legend, the Toltecs and their lord Quetzalcoatl had been the founders of the arts and knowledge. This view was reinforced through the idea that Tula, the mythical home of the Toltecs, was a Tollan. In Mesoamerica the idea of a Tollan was perceived, as been an urban center of great social advancement.

In a similar way, the Aztecs perceived the city of Teotihuacan as another Tollan, but a mythical inhabited no by humans but gods. According to the Aztec (and also Mixtec as based in the Codex Vindobonensis) legend of the Creation of the Firth Sun, it was at the Tollan of Teotihuacan were the Gods met to make the current era, Nahui Ollin (Fifth Sun).

In terms of the Olmecs, it is difficult to know what the Aztecs thought of them since they do not seem to have written anything about what we now consider the Olmec Culture. One of the reasons for this is because during the Postclassic period there were a lot of people living in Olman, the land previously occupied by the Olmecs. The name Olmec comes from the Nahuatl and it means “rubber people”. So, while the Aztecs did talk about the people living in what is now southern Veracruz and Tabasco, they did not mention the culture that we now call the Olmecs (people occupying site la San Lorenzo, La Venta, Tres Zapotes, etc.).