La Real and Newcastle have been in negotiations for several weeks over a fee for the Spaniard.
While acknowledging things have dragged on, Olabe insists there's a confidence of a deal being struck.
He said: "It's been going for a long time.
"This is because there's still many parts to be agreed, but I am optimistic it can be settled as soon as possible.
"I would like it to be already done, it is there, but it is still not possible (to be announced)."