Adebayor joined Olympia on a free transfer after leaving Turkish Super Lig outfit Kayserispor but he played just four times without scoring before the season was halted because of the coronavirus pandemic.
The Paraguayan league has still not resumed so Olympia have decided to cut their losses on Adebayor, who has been in Togo throughout the pandemic.
Complications surrounding the pandemic played a part in Olympia’s decision.
The capital city club said in a statement: "The contract with the Togolese player Emmanuel Adebayor has been cancelled by mutual consent.
"This situation has come about because of the difficulties the player would have in returning to Paraguay.
"He would need to take multiple flights, and they could place his health at risk.
"We thank Emmanuel Adebayor for his professionalism, and we wish him success in the future."
Olympia were the 10th professional club of Adebayor’s career. The 36-year-old has turned out for the likes of Metz, AS Monaco, Arsenal, Manchester City, Real Madrid, Tottenham Hotspur, Crystal Palace and Istanbul Basaksehir in Turkey.
He has featured 82 times for the Togolese national team, scoring 32 goals.
