Olson began Tuesday with 20 home runs. He is a first-time All-Star this season and leads the A's in batting average (.283), home runs, RBIs (53) and hits (82) entering Tuesday. He has 123 home runs in his career.
He tweeted his participation before the Athletics played at Houston.
He joins Kansas City Royals catcher Salvador Perez, Los Angeles Angels pitcher-designated hitter Shohei Ohtani, Baltimore Orioles first baseman Trey Mancini, New York Mets first baseman Pete Alonso and Colorado Rockies shortstop Trevor Story in the derby.
Alonso won the most recent derby in 2019.
The Associated Press contributed to this report.