"A Bibliography of the Works of Willy Ley" (PDF link) was compiled by Jean M. Perreault for the Special Collections of the M. Louis Salmon Library at the University of Alabama in Huntsville after they acquired Ley's collection of books and journals upon his death in 1969 (link). It lists the illustrator of _Exotic Zoology_ (1959, 1st printing) as Olga Ley.
I think this is as definitive as it's reasonable to get without an edition to hand that makes the attribution itself (which is an answer I'd love to see, especially if it can say which edition!); while the claims made by Wikipedia and Goodreads concur that Olga Ley is the illustrator, they don't offer any support or citation for their claims. The UAH Library's commissioned bibliography of their own collection, on the other hand, can be considered the next best thing to an original source.