This work describes the development of an optical probe for measuring movement of tissue particles deep inside which are loaded by an ultrasound remote palpation device. The principle of the method is that ultrasound force which can be applied inside the tissue makes the tissue particles vibrate and this vibration phase-modulates the light intercepting the insoniified region which results in a modulated speckle intensity on detection outside the object. This speckle intensity modulation detected through the measured intensity autocorrelation is a measure of the vibration amplitude. Since the vibration amplitude is related to the local elastic properties of the medium, the measured modulation depth in intensity autocorrelation can be used to map the elastic property in the insonified region. In this work, first the ultrasound induced force is calculated for both plane and focused ultrasound beams, and converted to amplitude of vibration and refractive index modulation, solving the forward elastography equation. Light propagation inside an insonified object is modelled using Monte Carlo simulation and the amplitude and intensity correlations are computed. The modulation depth on the autocorrelation is estimated and shown that it is inversely correlated to the local elastic modulus and optical absorption coefficient. It is further shown that whereas the variation in modulation depth is linear with respect to absorption coefficient, the same variation with elastic property is nonlinear. These results are verified experimentally in a tissue mimicking phantom. The phantom was constructed out of poly vinyl alcohol(PVA) whose optical, mechanical and acoustic properties are independently controlled. It is also shown that for loading with focused ultrasound beam the displacement is almost along the ultrasound transducer axis and therefore the contribution from refractive index modulation alone can be ascertained by probing the insonified perpendicular to the transducer axis. This helps one to find the contribution to the modulation depth from the ultrasound-induced vibration, which can be used to compute a quantitative estimate of the elastic modulus from the modulation depth.