7:49 pm: Dan O'Dowd tells MLB.com's Thomas Harding that a decision hasn't yet been made about Olivo's option. "We're allowed to take our time and make a decision tomorrow," O'Dowd said. The Denver Post's Troy Renck tweets Olivo won't be a Rockie in 2011 either way since the option will either be declined or the option will be picked up and then Olivo will be traded. Renck also tweets that the Rockies may be going right down to the deadline for their decision as part of their efforts to explore all possible trade partners for Olivo.
5:38 pm: The Rockies will not pick up their end of catcher Miguel Olivo's mutual option for 2011, reports Tracy Ringolsby of FOXSports.com (Twitter link). Olivo's option was worth $2.7MM (up $200K from $2.5MM due to reaching a games-played incentive) but instead Colorado will pay him a $500K buyout.
With Chris Iannetta in the fold and under contract through 2012, Olivo was expendable to the Rockies even though Olivo had a better season last year and usurped much of the playing time behind the plate. Olivo is likely to seek out a starting job elsewhere, meaning he could be worth a supplementary draft pick to Colorado as a Type B free agent. Olivo hit .269/.315/.449 in 427 plate appearances in 2010.