Del, there is definitely nothing there now. The rumour I've heard most often is that it will be torn down as part of the stunt show, but I don't believe there's anything definite about that.
The Aladdin rumour doesn't really seem to be connected even to a specific park yet, let alone a location. Speculation is that it would fit best in MGM, but that probably doesn't mean much.
Whatever the truth is, don't expect there to be anything in that location anytime soon.