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Olivares moved teams and countries again in the 1997 summer, spending the following four seasons in Greece, with PAOK FC and Panathinaikos FC. On 21 November 1999, while playing for the latter, he scored against Olympiacos F.C. in a local derby, the first win for the club in three years, but failed to win any silverware during his spell in the country.

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.

Olivares represented the nation in seven Copa América tournaments, helping it to the quarterfinals in the 1993 edition in Ecuador. Additionally, he played in 31 FIFA World Cup qualifying matches.

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. In August 1992 he joined 1. 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.

Olivares obtained 83 international caps for Peru, scoring once. He made his debut on 19 June 1987 against Chile (1–3), and played his last international match on 2 June 2001, against Ecuador (1–2), three days before his 33rd birthday.

Percy Celso Olivares Polanco (born 5 June 1968) is a Peruvian retired footballer who played as a left back.