The 35-year-old 100-cap Croatia international leaves Wolfsburg where he scored 29 times in 78 appearances.
“I’m glad we found a solution and I think all parties are happy with it. Now I am looking forward to playing for HSV. That is a new challenge,” Ivica told Kicker magazine.
Olić could turn out for his ‘old’ new club as soon as this weekend.
“I am 35, I have prepared well during the winter break and I am ready to play against Koln on Saturday.”
The deal is reportedly worth around 1.5 million euros.