Ridgewell believes Olsson, who has a year left on his contract with the Baggies, should stay in the Midlands and enjoy a new era under the leadership of boss Steve Clarke.
"Jonas is a quality player for us," Ridgewell told the Sunday Mercury.
"I've played next to him now for some time and you want to keep your best players.
"We hope he'll commit his future to the club because I think it's going to be an exciting time for us.
"To keep Jonas Olsson at our club would be a fantastic gesture on the club's part."