Olson left the team Nov. 4, citing personal reasons, including a divorce. On Monday, while announcing that he would return as head coach when the current season ends, Olson also said his absence was health-related.
He said he had "a medical condition that was not life-threatening but serious enough to require time away from my coaching responsibilities."
The Wildcats are 18-13 this season under interim coach Kevin O'Neill and meet Oregon State in the first round of the Pac-10 Tournament this week.
Olson, 73, has compiled a 780-280 career record at Arizona, Iowa, and Long Beach State. His 589-187 record with the Wildcats includes the 1997 national championship, four Final Four appearances, 11 Pac-10 titles, and 20 consecutive 20-win seasons. Olson has also won seven Pac-10 Coach of the Year awards.
Inducted into the Basketball Hall of Fame in 2002, Olson also guided Iowa to the 1980 Final Four.
Wisconsin business offering 'therapeutic cuddling' forced to close
Ukrainian protestors topple Lenin statue [VIDEO]