The 35-year-old Croatia international has signed an 18-month deal with Josef Zinnbauer's side on the eve of their first game since the mid-season break against Cologne.
Olic left Hamburg to join Bayern Munich in 2009 after two-and-a-half years at the Imtech Arena following his move CSKA Moscow.
Wolfsburg director of sport Klaus Allofs is disappointed that Olic has opted to leave the club, but wished him well.
He told the club's official website: "When Ivica came to us, we made it very clear to him that we consider him a very important member of our squad, whom we would be relying on in the latter half of the season.
"The player's wish to make the move was so great though, that we decided not to get in his way.
"For over two and a half years, he has been a vitally important element in the development made at VfL Wolfsburg and he had a significant part to play in our success."
Olic, who has scored five goals in 14 appearances in the Bundesliga this season, leaves a Wolfsburg side who are second in the table to join a side placed 14th in the table.
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