Both players have struggled to force their way into the Bayern first team this season, leading to reports that both would be allowed to leave in January.
However, Bayern coach Jupp Heynckes has regularly insisted they still have roles to play at the club, and both have now revealed they will be not be leaving when the transfer window reopens next month.
"They [Bayern] say they are relying on me and that selling me is not an option," Olic told Sportske Novosti.
"I had told them I'd wanted to go and had some great offers but they didn't want to discuss it.
"They even told me I would be punished if I continued to talk about leaving."
Meanwhile, Pranjic also revealed he will be looking forward to contribute to Bayern's Bundesliga quest in the second half of the season, despite featuring in just seven games so far.
"I have reconciled with myself that I will stay here," Pranjic said.
"Now, as every year, [I will] prepare under the impression that I will play.
"I think the coach will give myself and Ivica more opportunities."
Bayern are currently top of the Bundesliga, and are into the knockout stages of the UEFA Champions League.