The Uruguayan forward has been unable to force his way into Marcello Lippi's first team on a regular basis, and has accepted the opportunity to ply his trade in Spain's Primera Liga.
The 20-year-old first came to prominence with his performances in the 1999 Under-17 World Youth Championships and secured a move from Danubio in his homeland after helping them lift the domestic title.
Atletico will look to Olivera to help their push for a place in next season's UEFA Champions League and replaces Bolton Wanderers' recent capture Javi Moreno in the capital club's squad.
The temporary deal will run until June.
