The defender has one more year remaining on his current contract and admits that the departure of Roy Hodgson to the England post and the prospective manager at the Hawthorns will have a bearing on his own plans.
Olsson told reporters: "I'm not going to think about that now. I'm going to focus on the Euros.
"It is important who the next manager is going to be and I'm going to focus on the Euros and then have a good think about my future.
"There are a lot of factors when you are deciding your future and one of them is the managerial situation.
|31.0||Sweden are 31.0 with 188bet to reach the final of Euro 2012.|
"It is a big factor I need to feel comfortable with and it will be an interesting couple of weeks to see who they appoint."
The west Midlands side secured their third consecutive year in the Premier League for the first time, with the Swedish defender integral in the campaign as he appeared 33 times for the Baggies during the season.
Olsson added: "I'm very happy, I feel the club is moving in the right direction. I could see myself commit here but there are a few bits and places that need to be in place before I make that decision."
The defender will also face his former manager during the group stages of the European Championships on the 15 June 2012, as both England and Sweden will be looking to progress in the tournament.