There have been many attempts - but none of them successful - to link local folklore with all sorts of relic human populations. This is often advanced as an explanation of Irish fairies (suggesting that Irish Celts encountered small indigenous people during their arrival in the first millennia BCE). But since the tradition about these supernatural beings has close parallels throughout Northern Europe, we would need to advance the theory that all these people were having a similar reaction to similar relic populations throughout the region, and that is, frankly, absurd. That effort, however. only reaches back a few thousand years to a population preceding the most recent large population arrivals in Ireland.

"Modern" people in Northern Eurasia and Western Europe encountered the last of the Neanderthals more than twenty thousand years ago. Reaching back that far with oral tradition may be possible, but even we could imagine a successful recollection that far back, it would be extremely difficult to demonstrate. Given that the hunter-gatherer groups who had contact with Neanderthals was largely displaced with other, later arrivals, the preservation of such an oral tradition would be less likely. All that said, I have seen absolutely no credible evidence that such an oral tradition lingered long enough to be recorded.

An exciting effort to identify oral tradition with the late Ice Age has occurred with Australian folklore about lost islands. This stretches oral tradition to recall an event that occurred between ten and twelve thousand years ago. But here we have a stable population living consistently in that location throughout that time. That's an amazing amount of fidelity, preserving an oral recollection under ideal if not unprecedented conditions. Achieving that same thing stretching back more than twice as far into the past with an unstable population is, simply, not something that occurred.

The simple answer is no, and more's the pity. I wish I could answer with a yes!