The 36-year-old Ollie has appeared in 637 games over 12 seasons spread over 11 different teams. He has averaged 3.8 points, 2.3 assists and 1.6 rebounds.
Last season, the 6-foot-2 guard averaged 4.0 points, 2.3 assists and 1.5 rebounds in 50 games, including 21 starts, with the Timberwolves.
Thunder general manager Sam Presti announced Ollie's contract Saturday. Terms of the agreement were not disclosed.
Presti says Ollie brings experience, leadership and professionalism to the team as it develops its roster on and off the floor.