Olsson was linked with a move away from the Baggies over the summer after stalling on a new contract, but he is still at the club with the transfer window now closed.
McAuley said: "It is massive that Jonas has stayed at West Brom.
"He had a fantastic season and the way football is, some of the so-called bigger clubs want your players and they can come and take them.
"That is the way it is. But it is fantastic that he is still here.
"Hopefully he can get things sorted and be here for the foreseeable future."