The 62-year-old believes that Joachim Low's side will triumph in the tournament, while stating that Spain have the best centre-back pairing in the competition
The Mannschaft are widely viewed as one of the favourites to secure the European crown, and they will have the chance to play for a place in the final as they lock horns with Italy on Thursday.
|Semi-final profile: Germany
Olsen thinks that Spain are also in the running for the title, but in his opinion Germany have the edge over La Roja.
"I would say that Germany are going to win the Euros," Olsen told Danish newspaper BT. "The Spaniards have been convincing as far as possession of the ball is concerned, but the Germans create chances more easily.
"Both teams have incredible offensive qualities, but Germany's game is more dynamic."
Olsen was particularly impressed by Spain's defence, however, citing their strength in the centre-back positions.
"I have to say that Sergio Ramos and Gerard Pique have been playing very well. Together with Mats Hummels and Daniel Agger, they have been the best defenders of the tournament."
Denmark crashed out of Euro 2012 in the group stage following defeats to Portugal and Germany in their last two matches.