Olic is out of contract at the end of the season and he has been offered the chance to stay with Wolfsburg, who he joined from Bayern Munich in 2012.
However, the 34-year-old is a target for Stoke, with manager Mark Hughes having previously confirmed his interest in signing the Croatian.
Reports have claimed that Olic visited Stoke on Monday to meet Hughes and the forward revealed last month that a move to the Britannia Stadium is currently his 'first choice'.
He has yet to make a decision on his future and Wolfsburg coach Dieter Hecking has insisted that Olic remains a key player in his team.
"Ivica Olic is a very important player for the team," Hecking told Sky Deutschland.
"Me and [Wolfsburg general manager] Klaus Allofs have told him in a private conversation that I would be delighted if he signs a new deal with our club.
"Of course, I would be sympathetic if Ivi would look to find a new challenge. The decision will be up to him."