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
منتخب مصر يستأنف مرانه اليومي باللاعبين المحليين
الدرجة الثانية – بيان من نادي طنطا عن أحداث شغب مباراة النصر
هاتريك صلاح يقود طرابزون لفوز كاسح على جالاتسراي برباعية
بثنائية ضد جالاتاسراي.. صلاح يتصدر قائمة هدافين الدوري التركي
الخامس بقميص طرابزون.. صلاح على بعد هدف واحد من صدارة قائمة الهدافين
تشكيل طرابزون - صلاح أساسي في مواجهة جالاتاسراي
انتخاب مجلس جديد.. المصري يدعو لانعقاد الجمعية العمومية
الأهلي يعلن موعد جراحة الصليبي لـ الجزار في ألمانيا











