Olivo had been on a rehabilitation assignment with Tacoma this week after recovering from a strained right groin muscle that happened on April 30 at Tampa Bay.
Olivo was batting .210 with four home runs and seven RBIs and had started behind the plate in 19 of the first 24 games before his injury, but manager Eric Wedge indicated he'd be splitting time more with rookie Jesus Montero and backup John Jaso in the immediate future.
"I talked to Miguel today and said, 'Listen, we're going to keep our options open with everything,' " Wedge said. "It's nice to have three catchers because you can catch one, DH one and still fill in for one if you need, especially with Montero, who'll you need to pinch-run for.
"I told Miggy we'd work him back in slow. Montero and Jaso have been doing all the catching. I still want both those guys to catch, but you're going to catch him, as well. We can also DH Miggy against left-handed pitchers. It's nice to have options. I'm not going to sit here and tell everybody how we're going to handle this, but they're all going to play."
Olivo hit .232 (3-for-13) during his three games with the Rainiers, including a 2-for-5 outing with a home run and two runs scored on Wednesday at Iowa.
With Jaso hampered the past two games by a sore shoulder, the Mariners were down to only Montero at full health, though Wedge said Jaso was feeling better each day and could play if needed.
Wells, 27, hit .213 (10-for-47) this season with one home run and six RBIs in 25 games. He'd started 12 games, all in left field, but the team now has Mike Carp back and healthy at that position and also has been using rookie Alex Liddi a little in left field, as well.
"He was the odd man out, simple as that," Wedge said. "I don't think it's a bad thing for him to go down there and play every day. It's been sporadic. I've only played him against left-handed starters. He's starting to find it a little, he's shown moments."