The Canaries travel to the Emirates Stadium while sitting in the relegation zone, and Olsson has insisted that they have nothing to lose against the Premier League leaders.
The 25-year-old told Sky Sports News: "We have nothing to lose. Everyone thinks that we're going to lose to Arsenal. We've just got to turn it around and hopefully get three points.
"They're going to put pressure on us, create loads of chances, but we've just got to keep calm and hopefully catch them on the counter attack."
Olsson has made five appearances for Norwich since leaving Blackburn Rovers in the summer.