Wiese scampered from his goal shortly before half-time in Wednesday's Bundesliga clash before jumping more than a metre off the ground with his leg outstretched to challenge Olic.
Referee Lutz Wagner only showed the stopper a yellow card, justifying his decision by claiming the Bremen man had touched the ball first. But Beckenbauer, a pundit for Premiere television, said: "That was almost like an attempted murder."
He added: "If the referee had sent him off, then Tim Wiese would not have been able to complain."
Wiese defended his actions, insisting Olic "did not have to go for the ball".
"Maybe some referees would give a red card for it, but I really could not care less," he said.
"A yellow card was definitely the right decision. We have won the game and so this does not interest me anymore."
Bremen ended the game with nine men after Jurica Vranjes and Frank Baumann were both sent off in the second half, leading Hamburg chairman Bernd Hoffmann to ironically claim the referee "only had the red card on him in the second half".
The German Football Association (DFB) is powerless to take any retrospective action against Wiese since he was punished at the time by Wagner.
Had the incident gone unnoticed the DFB would have been able to intervene, while they would also have been able to sanction a lengthy ban had he been sent off.