The forward made an impressive start to life at Barcelona following his arrival from RB Leipzig, scoring three goals in his opening three La Liga appearances, but he was forced off the field with a muscular injury against Girona.
Olmo has since missed Barcelona's last three league games against Villarreal, Getafe and Osasuna, while he has been absent for their first two matches of the new-look Champions League.
However, according to Marca, the 26-year-old's recovery is progressing positively, and he is expected to be available for selection against Sevilla on October 20.
The report claims that Olmo is set to return to training during the international break, and he will be involved against Sevilla providing that he comes through the sessions unscathed.
Olmo 'set for Barcelona return against Sevilla'
The forward should therefore also be available for Barcelona's home Champions League fixture with Bayern Munich on October 23, in addition to El Clasico against Real Madrid three days later.
Olmo was linked with a number of clubs during the summer transfer window, including Chelsea, but Barcelona ultimately secured the signature of their former youth-term player.
Despite the positive news regarding Olmo, Barcelona are still dealing with severe injury problems, which makes their start to the 2024-25 campaign even more impressive.
Hansi Flick's side are top of the La Liga table, boasting 21 points from their opening eight matches, while they were 5-0 winners over Young Boys in the Champions League on Wednesday night.
Which players are currently out for Barcelona?
Inigo Martinez was forced off with a muscular complaint against Young Boys, but the centre-back insisted after the match that he would be available for selection against Alaves this weekend.
Frenkie de Jong is also set to be involved in Barcelona's next match, having featured in the latter stages of the clash with Young Boys after recovering from a long-term ankle problem.
However, Marc Bernal and Marc-Andre ter Stegen are both out for the season with long-term knee injuries, while Fermin Lopez, Gavi, Ronald Araujo and Andreas Christensen are also on the sidelines.
Fermin should also be back in October, while there is hope that Christensen, Araujo and Gavi will all return towards the end of the year, which would be a huge boost for Flick's side ahead of the second half of the campaign.