The Poland international has given notice after going two months without pay and can officially tear up the remaining year on his contract on Monday.
Olkowski arrived on a free from FC Koln last summer and made 39 appearances in all competitions for Wanderers, scoring twice. The 29-year-old is understood to have options in Germany and Poland as he considers his next move.
It is understood that Sammy Ameobi is the only other first team player who has handed in his notice.
The winger, who has been linked with a move to China and also has 12 months left on his current deal, is set to leave Wanderers next week.
Wanderers are still waiting for the official appointment of an administrator, who should be able to quickly unfreeze accounts and pay wages, but it is unlikely to be accomplished in time to affect either Olkowski or Ameobi’s situation.
Both the Fildraw trust, acting on behalf of late owner, Eddie Davies, and Ken Anderson have filed a Notice of Intention to appoint an administrator, with all signs now pointing to one being in place on Tuesday.
Former striker Nathan Blake believes Wanderers can finally get back on a stable footing if they can find the right owner over the coming weeks.
“It will give them a chance to sort out the finances but let’s be fair, this is a problem which has been going for a long time,” he said.
“There was a lot of debt prior to Ken Anderson and the situation under him hasn’t got any better, if anything it has got worse.
“I don’t know how a club with such a history and such a support base ends up in that position, I really don’t.”
Blake also feels there is limited scope to appeal punishments for administration or the failure to fulfil the Brentford fixture, which is likely to befall the club next season.
“The rules are the rules,” he said. “There has to be some sort of punishment for finding yourself in this sort of position – it should be a deterrent.
“For fans it must be like death by a thousand cuts. To see such a wonderful club in such a condition is heart-breaking, honestly.”