Olsson only signed a new four-year contract with the Baggies in October.
The Sweden international is reported to be keen on a move to London for family reasons, but Albion have turned down the offer from Rangers.
Olsson is also understood to have reservations about any potential move to Loftus Road given their precarious position in the Barclays Premier League.
In any case, Baggies manager Steve Clarke made it clear last week he has no desire to let Olsson go during the January transfer window - and that stance has not altered.
Clarke said: "Why would I expect to lose Jonas in January? January is the silly season.
"We can hang on to every single player. We don't have to sell anybody."
Olsson has also been linked with Arsenal, amidst speculation he has a get-out clause in the contract he signed three months ago.
The 29-year-old has been one of Albion's key performers since joining them four and a half years ago. His form for the Baggies has also led to him becoming a regular for his country.