Striker Elmander and full-back Olsson are both in the squad for the first leg of their qualifying play-off against Portugal in Lisbon on this Friday night.
And, while the Portuguese are well fancied to progress with superstar Cristiano Ronaldo in their ranks, Hughton believes the Swedes can secure a place at Brazil next summer given that they have the second leg on home soil in Stockholm on Tuesday.
"With both of these players, particularly with Johan I suppose, if you look at the age Johan is now (32) it would arguably be, even though he is a very fit lad, possibly his last opportunity," Hughton told Norwich City's official website.
"But I think they have a good chance. They are playing a Portugal side that perhaps haven't hit the heights that they have over recent seasons and there isn't an easy game against Sweden.
"I saw them play against the Republic of Ireland late in the group stages and I thought they were very, very good.
"And of course for us it's great excitement to have players who are going to play in the World Cup finals."