Born in Lima, Olivares started playing professionally with hometown's Sporting Cristal, moving to Deportivo Cali in Colombia in 1991 but returning to his first club shortly after.
FC Nürnberg in the Bundesliga, appearing in slightly more of the league's matches but scoring four goals in five games in October/November 1992 – three of those in 2–1 wins – as the Bavarian club barely retained its division status, finishing in 13th position but only two points clear of the relegation zone.
Subsequently, Olivares signed for CD Tenerife in Spain, being sparingly used in two-and-a-half La Liga seasons (no games whatsoever in his last, with the Canary Islands team qualifying for the UEFA Cup) and partnering compatriot José del Solar.
In January 1996 he left for Rosario Central in Argentina, representing in quick succession Fluminense FC and Cruz Azul.
After a stint in the United States, Olivares returned to Peru, where he represented first club Sporting Cristal and Alianza Atlético.