The 31-year-old was substituted in the 77th minute of the Baggies' 3-3 draw with Tottenham Hotspur last Saturday due to an Achilles problem.
"I don't feel too bad," Olsson told the club's official website. "I've been in since Saturday monitoring my injury. I feel alright. There are some times you can play through pain but you need to be honest. There are still five games to go.
"You don't want to make it worse by playing ten minutes more. Had I stayed on it might be worse and I might have missed a few games. Hopefully now I can be back in for selection against Manchester City. I think I'll be fit for that game."
The Baggies are currently three points adrift of the relegation zone in the Premier League table.