Hodgson took over at The Hawthorns just five weeks after a much-publicised parting of the ways with the Reds in January.
"It will be blown up by the media I guess," Olsson told the WBA website.
"But we have seen what a good manager he is. He is unbeaten since he's arrived and has done a brilliant job so far.
"All of the players are on board with him and taking in his ideas.
"He's only had five or so weeks yet we are already seeing the results from the changes he's made.
"If we can just stay up this year and have a whole pre-season with this gaffer then we'll have some very promising times ahead."