The 36-year-old striker moved to Olimpia in February on a year-long deal, but due to the club's finances, the parties have already agreed to split.
"The high logistical costs and financial situation that the country is going through have not escaped Olimpia," the club said.
Adebayor managed four games and zero goals for Olimpia.
The Togo great is now weighing up whether to play on next season.
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