The actor told What's On TV that producers are planning to recast the character, who was last seen on screen in 1994.
Oliver commented: "There is a possibility in the near future that Lou's daughter Lauren will be coming back. But I don't think the character will be played by the original actress, Sarah Vandenbergh. She's now happily married and living overseas.
"I'd also love to see Lou's adopted daughter Lolly back as an adult. Jiordan Anna Tolli played that part for seven years, before she left to focus on her schooling. But about a year ago, her mum brought Jiordan into the studio to say hello. She's a stunning young woman now, and is taller than me!"
The 74-year-old also revealed that he would love to see Delta Goodrem reprise her role as Nina Tucker at some point in the future.
He said: "I adore her. She is a sweetheart and an enormous singing talent. So I'd love to see her come back and make an appearance. I think she was a darn-good actor as well."
Neighbours airs weekdays at 1.45pm and 5.30pm on Channel 5 in the UK, and weekdays at 6.30pm on Eleven in Australia. Get the Inside Soap magazine on your iPhone or iPad