Olsen has already secured a new deal with Malmo FF, which was announced on Monday.
This move marks a return to Olsen's roots, as he began his professional career with Malmo and became their first-choice goalkeeper in 2014.
Before joining Aston Villa, Olsen played for PAOK for a year after his time in Sweden.
Olsen has signed a new contract with Malmo that will keep him with the team until 2029, when he will be 39 years old.