Magath keen on Rosicky and Olic
Wolfsburg are currently struggling in 14th place in the Bundesliga, and Magath is eager to reinforce his squad when the transfer window reopens in January.
Rosicky, 31, has spent the last five years at Arsenal after joining from Borussia Dortmund in 2006, but he has struggled for form after suffering a string of injuries in recent years.
"(Tomas) is a good player, he is fit no question about it," Magath told Bild. "Only a few years ago every top club was after him."
Magath also suggested he would be keen to bring Olic, 32, to the club in January, with the Croatia international desperate for first-team football.
"(Olic) could fit," Magath said. "As I have understood it, he has said he wants to move. In the summer he will play at the Euros which will be his last big tournament and until then he wants to play."
Wolfsburg could face competition for Olic, however, with the forward having recently welcomed reports of interest from Lazio.
"I intend to leave Bayern in January," Olic said. "I'm no longer in the plans of the Bayern boss and that could subsequently jeopardise my place at Euro 2012. I'm honoured that a side like Lazio have been associated and I hope there is more to it than just an interest in me."