In contrast to Zuckerman's version, the Primary Chronicle and the later Kiev Chronicle place Oleg's grave in Kiev, where it could be seen at the time when these documents were compiled. Furthermore, scholars pointed out that, if Oleg succeeded Rurik in 879 (as the East Slavic chronicles assert), he could hardly have been active almost 70 years later, if his was not a case of longevity unheard of in medieval annals. To solve these difficulties, it has been proposed that "helgu", standing for "holy" in Norse language, was a hereditary title of the pagan monarchs-priests of Rus and that this title was held by Igor, among others.

It has also been suggested that Helgu-Oleg who waged war in the 940s, was distinct from both of Rurik's successors. He could have been one of the "fair and great princes" recorded in the Russo-Byzantine treaties of 911 and 944 or one of the "archons of Rus" mentioned in De administrando imperio. Regrettably, the Primary Chronicle does not specify the relations between minor Rurikid princes active during the period, although the names Rurik, Oleg, and Igor were recorded among the late-10th-century and 11th-century Rurikids.

Georgy Vernadsky even identified Oleg of the Schechter Letter with Igor's otherwise anonymous eldest son, whose widow Predslava is mentioned in the Russo-Byzantine treaty of 944. Alternatively, V. Ya. Petrukhin speculated that Helgu-Oleg of the 940s was one of the vernacular princes of Chernigov, whose ruling dynasty maintained especially close contacts with Khazaria, as the findings at the Black Grave, a large royal kurgan excavated near Chernigov, seem to testify. Neither of these theories has been endorsed in the academic mainstream, however.