The news was announced today at the National Football Stadium by CEO of the PNG Rugby Football League, Bob Cutmore.
The contract with the Storms will depend on Olam passing a full medical check-up in Brisbane next week by the Storms medical staff.
Olam's contract will then be forwarded to the NRL for registration.
The humble and soft-spoken lad from Chimbu said he could not believe it when he got the news about the offer to play in the NRL.
"It has always been my dream to play in the NRL. This is a great opportunity for me and I will give my best to make the most of it.
"I want to thank the Lord firstly because without him, I am nothing.
"Thanks to the sponsors for the making the Hunters program possible, coach Michael Marum, my old club the Lae Snax Tigers and of course my family and friends.
"Thank you to everyone who has supported me. I really appreciate it," said Olam.
Cutmore explained Olam will remain with the Hunters for the remainder of this season.
"Justin made a commitment to himself and his family that he would dedicate himself to making the NRL – a commitment that is now in sight.
"Justin's commitment and dedication has paid off and this is a wonderful opportunity for him," said Cutmore.
Olam joined the Lae Snax Tigers in 2014 and played until the 2015 season.
This is only his first season with the Hunters in the Intrust Super Cup.
He also made his debut for the PNG LNG Kumuls side that beat Fiji Bati in the recent Pacific Test.