The 25-year-old is still recovering from a foot injury that has been hampering his comeback since the start of the year.
After an operation in March complications saw him return to hospital in June where specialists discovered a small piece of bone in his ankle.
Olsson told TT that there wasn’t enough time for him to recover and compete at the highest level for the World Championships in Helsinki that begin on August 6.
Olsson has targeted the 2006 World Indoor Championships in Moscow as his next opportunity to re-establish his authority on the event.
Olsson is the only athlete in history to hold five titles at the same time – world outdoors and indoors, European indoors and outdoors and the Olympic crown.