Olic told Kicker.de that he had agreed terms with Hamburg and could possibly make the deal in time to make his debut against Cologne this weekend when the Bundesliga returns to action after the winter break.
"I'm pleased that we've found a solution," said the 35-year-old, who played for Hamburg from 2007 until 2009 before moving to Bayern Munich and then, in 2012, to Wolfsburg.
"I think all sides are happy. Now I'm looking forward to Hamburg, which is another challenge for me once again.
"I'm 35 and have had a good preparation and I'm ready to play against Cologne."
Removing him from the wage bill has given Wolfsburg more leverage in trying to sign Schurrle from Chelsea with Kicker and Bild newspaper both announcing that a deal - reportedly worth 30 million euros ($43.7 million) - has been struck.
The Wolves are reported to have raised their bid from 27 million euros ($39.3 million) and that has been accepted by the Premier League club.
Schurrle would become the club's record transfer, beating the 22 million euros ($32.1 million) it paid Chelsea for Kevin De Bruyne last year.
Wolfsburg is second in the Bundesliga, 11 points behind Bayern Munich, which it plays to commence the second half of the campaign.
