The Liberal Arts star told Digital Spy that "there's no point in re-doing that movie if you're going to do less than [the original]".
Olsen will star with Josh Brolin, Samuel L Jackson and Sharlto Copley in Spike Lee's remake of Chan-wook Park's 2003 drama.
On working with director Lee, Olsen said: "It's been the most collaborative process I've ever been a part of. We've been collaborating to the shooting draft from the first draft. Everyone's opinion counts.
"Spike likes rehearsals, so we're going to rehearse for a bit before we start shooting. It's been an amazingly collaborative process."
Oldboy is due to open in cinemas on 2013. Liberal Arts debuts in the UK on October 5.