In distributed video coding, the quality of the side information is of critical importance for the compression performance of the entire system. This paper proposes a novel transform domain Wyner-Ziv video coding scheme performing hash-based overlapped block motion estimation at the decoder. In this framework, a novel method to optimally generate side information from a collection of side information candidates is presented. By adopting the side information dependent correlation noise paradigm and exploiting the information contained in the hash, average Bj{\o}ntegaard rate savings of up to 22.26% compared to previous techniques are reported. Moreover, the presented Wyner-Ziv coding scheme, incorporating the proposed side-information generation technique, achieves average Bj{\o}ntegaard rate savings of up to 11.18% compared to the state-of-the-art DISCOVER codec.