Per Todd Archer, the deal for Olawale is for three years and worth $5.4 million.
Olawale, 29, originally signed on with the Cowboys as an undrafted free agent out of North Texas back in 2012. He lasted less than a year in Dallas before the Raiders signed him off of their practice squad.
In 2015, Olawale signed a three-year contract extension with the Raiders.
The Cowboys traded a fifth-round pick to reacquire Olawale in March of 2018.
Olawale was in the final year of his four-year, $6.66 million contract and made a base salary of $1.54 million for the 2018 season.
In 2018, Olawale appeared in all 16 games for the Cowboys. He caught two passes for 13 yards and had 12 total tackles on special teams. According to Pro Football Focus, he played 131 snaps for the Cowboys.