The 35-year-old will be out of contract in the summer, but he has yet to make a decision on his future.
And even though Wolfsburg have offered Olic a new one-year deal with an option for another season, it appears he will be leaving after all.
Having recently lost his place in the starting line-up the Croatia international is not prepared to extend with the Wolves, and will rather explore one of the other options.
He reportedly has an offer from Stoke City on the table, but Sport Bild understands that former club Hamburg are also interested.
The problem is that HSV are in serious danger of getting relegated and Olic is not keen on playing in the second division.
Wolfsburg revived their Champions League bid with a 3-1 triumph over Werder Bremen, with Wolves now priced at 3/1 to achieve a top 4 finish.