The 32-year old Colombian centre-back was the 2013 MLS Supporters' Shield-winners Defensive Player of the Year in his debut campaign at Red Bull Arena after crossing from Real Salt Lake at the end of 2012.
New York sporting director Andy Roxburgh admitted it was a great coup to extend the stay of former Deportivo Cali star Olave who was the MLS Defender of the Year while with RSL in 2010 and has twice made the MLS Team of the Year (2010 and 2011).
"Jamison showed last season and throughout his MLS career that he is an elite centerback in the League and we are pleased to sign him to a new deal. His performances last year were vital in our success last year," said Roxburgh.
"We look forward to Jamison's contributions in the coming season, as he continues to be an important part of our squad."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball