Álvez joined Olympiakos on a three-year deal in July 2000, after topping the Uruguayan scoring charts with Club Nacional of Montevideo. However, he subsequently failed to live up to his reputation as the 'Vulture', making just 18 appearances in two and a half seasons in the Alpha Ethniki, scoring three times.
Another player leaving the Piraeus club is defender Christos Kontis, who has also been released. Meanwhile, Olympiakos will be without goalkeeper Dimitrios Eleftheropoulos and defender Athanasios Kostoulas for a month after both men sustained injuries in Sunday's 3-2 league defeat away at arch-rivals Panathinaikos FC. Midfield player Christian Karembeu, who missed that game through injury, faces another two weeks on the sidelines.
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