Olsson joined the Baggies from NEC Nijmegen last summer and made 28 appearances as the club failed to retain their Premier League status.
Relegation to the Championship has prompted speculation that the 26-year-old could look to secure a move back to the top flight over the summer.
Reports have claimed that Midlands rivals Villa, along with North-West pair Rovers and Wanderers, have been showing an interest in Olsson.
He appears keen to clinch a return to the Premier League and is happy to have been mooted as a transfer target for Villa.
"It's flattering since I've got the taste for the Premier League," Olsson told Expressen of the link to Villa.
"I have heard that there are a few clubs that have discussed my name, but it's my agent Martin Dahlin who takes care of that.
"I am off during June. We will see what happens when I am back and the window opens."
Former Sweden international striker Dahlin has confirmed that there is plenty of interest in offering Olsson a move away from The Hawthorns.
Dahlin said: "The interest in Jonas Olsson is big as he has had a fantastic first season in the Premier League."