Barcelona signed Olmo from RB Leipzig in August for around 55 million euros ($57.01 million) and Victor in July, but could only register them for the first half of the season because of LaLiga wage cap rules.
On Saturday, Barcelona lost their latest appeal to register both players for the rest of the campaign, and their last hope now rests with the Spanish government through the Administrative Sports Court (CSD).
"I don't think it's going to happen tomorrow, but we're going to wait. The only thing we can do right now is wait," Flick told reporters ahead of Wednesday's semi-final against Athletic Bilbao in Saudi Arabia.
"It's not so easy for us not to have two very important players. They have improved a lot. Dani Olmo is an excellent player, of course we miss him.
"But we have to continue. Of course it will have an effect, but this will give us the opportunity to be closer as a team. We have to show that we are a team."
Flick is not too concerned that the legal difficulties the club have faced with the two players will have a negative effect when they look to sign others in the future.
"We know what the situation is and how immense this club is. When you know that, you sign no matter what," Flick said. "It's great to be able to work with people like that."
Barcelona beat Athletic 2-1 when the sides met in the league back in August, but their opponents are on an excellent run of form, unbeaten in their last 15 matches in all competitions.
Flick's side, meanwhile, have registered just one win in the last seven league games, losing top spot, and are now third in LaLiga standings, with Athletic only two points behind.
The manager expects a tough game, but does have winger Lamine Yamal available, after the 17-year-old missed their most recent two games with an ankle injury.
"I think he's trained three or four times. He's ready, he can play tomorrow," Flick said.
"Playing against Athletic is always difficult. They are a very good team, they have very good players and a very good philosophy."
The winners will face either Real Madrid or Mallorca, who meet in Thursday's semi-final, in the final on Sunday.