The defender, who joined the Baggies from Dutch club NEC Nijmegen last summer, has just one more season remaining on his contract.
There has been speculation that he could be sold in the summer if West Brom lose their battle to avoid relegation.
And the Swedish press has now reported that four Premier League clubs are considering a summer swoop for the 26-year-old.
According to Aftonbladet, Aston Villa, Blackburn, Bolton and Everton are all keeping tabs on his progress.
Olsson has not confirmed the identities of the clubs but he is aware of the fact that he could be in demand when the transfer window reopens.
"I know that there is an interest," Olsson told Aftonbladet.