The Sweden international joined Rovers in January 2012 while they were still in the Premier League.
Despite suffering relegation to the Championship, the established left-back remained at Ewood Park and was last season voted the club’s Player of the Year.
Before the current season commenced, Derby had two reliable left-backs in Craig Forsyth and Stephen Warnock and it certainly wasn’t a position which needed strengthening.
However, Forsyth’s latest season-ending injury suffered during the 1-0 home win over Queens Park Rangers leaves the Rams with Warnock being their only left-back.
While the former Leeds United star’s ability is not in question, at 33 his ability to play three championship games in a week could pose a problem for boss Paul Clement.
Ideally a new player on loan would be the perfect solution, yet at this stage of the season not too many teams will be keen to loan out a player good enough to challenge at the top end of the Championship.
Olsson, however, seemingly fits the bill and considering Blackburn’s financial situation – Rovers are currently under an embargo – they could be willing to get him off the wage bill.
That said, the 27-year-old has been a regular for Blackburn this season, starting 11 Championship fixtures and averaging 1.8 tackles and 2.9 effective clearances per encounter.
The report goes on to say that Derby are looking at a loan with the option of a permanent buy, and it could make sense to draft him in as a possible long-term replacement for Warnock anyway.
He has experience, top-level pedigree and most importantly ambitions of a return to the Premier League.