Olave, 35, has played a key part in RSL's run of success over the last seven years. He joined the Claret-and-Cobalt in 2008 after spending the first part of his career with various teams in his native Colombia. He was an integral part of the team's backline in their run to the 2009 MLS Cup title, was named MLS Defender of the Year in 2010, and was also an All-Star and a part of the MLS Best XI in both 2010 and 2011.
What's next for Olave is not immediately clear, though he would be eligible for MLS free agency.
"We are very thankful for Olave's years of excellent service to RSL, and we look forward to either supporting him in the continuation of his playing career elsewhere or helping him with a possible shift to a non-playing role in our ever-growing and expanding organization," an RSL spokesperson said.
Known for his imposing build and lightning-quick recovery speed in his prime, Olave spent 2013 and 2014 with the New York Red Bulls before returning to RSL for the 2015 and 2016 seasons. He made 17 appearances during the 2016 MLS regular season, with a combination of injury and suspension keeping him under the 20-game mark for the first time in his nine-year MLS career.
In total, Olave made 216 regular-season appearances to go with his 19 playoff appearances in his time with RSL and the Red Bulls, notching 17 goals and four assists in the regular season and another assist in postseason play.