The most common and most likely answer to this crossword clue is the 6 letter word MUNICH
I've seen this crossword clue in Independent
M
U
N
I
C
H
More clues leading to the result MUNICH
- German city, one framed by artist
- Letter used by Tsipras ahead of recess rejecting eastern city
- India’s boxing champ? Just the opposite in Olympic venue
- State capital needs a good deal to secure province
- Painter manages to capture one foreign city
- Champ seen around one European city
- I eat outside in German city
- One feeding Norwegian painter in German city
- Munch around one site of 1972 massacre
- With pleasure, eat around one city
Buddy explains!

The straight part
We know that "Olympic venue" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case olympic venue = munich.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.