Olsson signed a new four-year deal with the Baggies two months ago but reports in his native Sweden claim there is a £3million get-out clause.
Clarke said: "I don't do contracts, it's not my job. The ins and outs of Jonas' contract are personal.
"I don't think it's right for me to sit and discuss it with you at this moment in time. But why would I expect to lose him?
"We can hang onto every single player. We don't have to sell anybody.
"It's not unsettling for me because I know that come February 1, the players that I need to be here will still be here. Why would I expect to lose him in January? I told you, it's complete speculation about Jonas Olsson.
"It's a silly season. January is a silly season."