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The meter-high cuddly toy, part of the frozen food specialist supermarket's new and exclusive buys section, has been slashed from £40 as part of a Christmas sale.
According to Facebook group Extreme Couponing and Bargains UK, it's the largest Olaf sold in the UK - meaning it's sure to be a hit with littlens.
"Bring a flurry of magic to your home with your very own Olaf. Like Olaf himself, our Jumbo Olaf Soft Toy is 1 metre tall and likes warm hugs. His adorable blue bowtie will make your heart melt," says Iceland.
The supermarket's Jumbo Olaf Soft Toy can be purchased online or in store.
"It's amazing my kids love it we had the big unicorn last year :)," wrote one mother.
This year, the supermarket teamed up with Disney to create their Christmas ad, which is all about the Frozen 2 character's favourite things over the festive period.
It see favourites Elsa, Anna, Kristoff, Olaf and Sven playing a game of charades miming their favourite things about Christmas.
Olaf has a go, before Elsa plays the game next and uses her icy powers to conjure up a dining table, where she reveals her favourite thing at Christmas is to share a special meal with her family and friends.
It then cleverly says towards the end of the ad: "Discover the magic of frozen at Iceland". We do love a play on words.
Frozen is currently out in cinemas.
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