German side Mainz said Hamza's contract was terminated by mutual consent after he failed to prove his worth following his close-season arrival.
Reports suggested the talented but controversial forward, who never lived up to his potential, might return to his former club Zamalek but the Cairo side did not express an interest in signing him.
Ittihad, who lie second from bottom in the Egyptian Premier League table after making a disastrous start to their season, appear in pole position to snap him up.
"The club's chairman Mohamed Moselhi gave me the green light to negotiate with Hamza," Omar, who resigned as Ittihad boss in 2007, told FilGoal.com.
Ittihad's frontmen failed to impress so far this season. Mohamed Al-Morsi, who joined from Zamalek on a season-long loan, is the only striker to have found the net after eight games.
The Alexandria-based club have recently denied they were interested in Ahli's out-of-favor duo Osama Hosni and Ahmed Belal.
نرشح لكم
مؤتمر مدرب مالاوي: لست نادما على طريقتنا أمام مصر
بثنائيه مالاوي.. صلاح يعادل رقم حسام حسن في صراع الهداف التاريخي لمنتخب مصر
الظهور الأول لـ علي ماهر.. مصر تمطر شباك مالاوي بخماسية وصلاح يعادل رقم حسام حسن
خبر في الجول – بالأرقام.. الزمالك يسدد جزءا من صفقتي أحمد شريف وعمرو ناصر لـ فاركو
خبر في الجول – استدعاء الأمريكي فرانك عزيز لمنتخب مصر الأولمبي
علي ماهر: التفاصيل تصنع الفارق ضد مالاوي
خلفا لمؤمن سليمان.. الكرمة العراقي يعلن التعاقد مع عدنان حمد
مران الزمالك – جلسة علاجية لـ محمد إبراهيم.. وتدريبات تأهيلية لثلاثي الفريق










Ittihad track free agent Hamza