Sky Sports says Sam Allardyce has been a long-term fan of the 26-year-old Swedish international since their time together at Blackburn Rovers.
Since taking charge at West Ham, he has tried and failed to sign Olsson on a number of occasions, and now following Norwich's relegation to the Premier League he is thought to be back in for him.
West Ham are understood to have made an opening offer for Olsson but that has been rejected by Norwich - who are in no hurry to sell.
The Swede is also wanted by West Bromwich Albion.
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