Olsson says the Baggies must build on this season.
He said: "You want to see the club on the front foot and progressing. I feel that at the moment. That's why I'm happy with my situation.
"When you don't feel that, you look at your own position and where you're heading."
Olsson saw Albion turn down a bid from QPR in January but the player has a clause in his contract allowing him to talk to certain clubs if they make a bid.
He added: "I love the mix of football and London and the feeling when you're down there. That's the ambition in the future."