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Magath eyes Arsenal's Rosicky and Bayern's Olic
Wolfsburg are 14th in the German league, just four points from the bottom, and Magath is desperate to boost his squad.
Rosicky, 31, who played for German champions Borussia Dortmund before joining the Gunners, has made just three Premier League starts this season while Olic, 32, is frustrated at his lack of opportunities at Bayern.
"Tomas Rosicky is definitely a quality player, there should be no doubt about that," Magath told German daily Bild.
"And he is on top of his fitness. A few years ago, he was chased by all of the big clubs in Europe."
Croatia star Olic is out of contract at the end of the season, but has already said he is desperate to leave Bayern to stay fit for June's Euro 2012 tournament to be hosted by Ukraine and Poland.
"Ivica Olic could fit right into our setup. And as far as I am concerned he is looking to move clubs," said Magath.
"He might play his final tournament in the coming summer at Euro 2012.
"This is why he needs to play regularly now. But we have to wait and see what Bayern Munich wants to do."
One player set to leave Wolfsburg before January is attacking midfielder Aleksandr Hleb, who is on loan from Barcelona.
The 30-year-old has a loan agreement until the end of the month, but will not be offered a contract extension having struggled with injuries having made just four Bundesliga appearances.
"That's very, very unfortunate", Magath told German magazine Kicker.
"I would gladly have taken the option to extend Alex Hleb's stay, but his injury problems don't allow us to do that.
"If he was 100 percent fit, I am sure he could have helped us with his footballing quality."
Hleb, who enjoyed two spells at VfB Stuttgart from 2000-05 and 2009-10 says he is disappointed.
"This setback hits me hard, of course, because I've had a lot of success in Germany," said the Belarus star.
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