The left-back, who is currently recovering from a groin operation, suffered relegation to the Championship with Rovers last season.
He has been linked with a return to the Premier League this term, with Stoke thought to be chasing the 24-year-old.
Olsson's agent, Martin Dahlin, claims he has requested a transfer because he does not want to ply his trade in the second tier.
He told Fotbollskanalen.se: "It is correct that Martin has handed in a transfer request. Of course he doesn't want to play in the Championship."
Olsson, who has three-years remaining on his Rovers contract, can also play on the left wing.
The Swede came through the ranks with the Lancashire side after joining as a youngster from native club Hogaborgs BK.