Olic has been repeatedly linked with a move to Stoke City when his contract expires in the summer, but Wolfsburg remain hopeful of persuading the Croatian to extend his stay at the club.
"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."
Olic revealed last month that he would be interested in a move to Stoke at the end of the season.