The Sweden international was tipped to leave Ewood Park in the summer following Blackburn's relegation from the Premier League, but a deal never materialised.
Now the 24-year-old is being targeted again with West Ham said to be showing particular interest.
"There is a great interest in Martin and West Ham are one of the clubs that we have contact with," Olsson's agent Hasan Cetinkaya told Expressen.
Sam Allardyce was linked over the summer, and he knows Olsson well from his time in charge at Blackburn.
"West Ham are a great club, but it's like I said other foreign clubs are involved," Cetinkaya continued.