The Croatia international, 35, 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.
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.
