Taken from a blue post here... http://forums.worldofwarcraft.com/th...26575587&sid=1
Q: Who is the arakkoa "master" that Isfar talks about? It is not Terokk…
A: There are more Old Gods than just the ones trapped on Azeroth. It takes a lot for them to become manifested on a physical plane, however; see the quest line in Shadowmoon Valley that ends with "Thwart the Dark Conclave" for more information.
A while back Dark Side made a post about his speculation of other old gods elsewhere besides azeroth, one being on draenor aka outland. So blizzard basically confirmed that the quest in shadowmoon valley involves an old god on draenor. Very interesting I must admit.