According to an Olympiacos spokesman, the club was in talks with Mitroglou after the striker arrived in Greece, while the agreement could be completed within 24 hours.
Mitroglou signed with Fulham last January for 12.4 million pounds after scoring three hat-tricks in the preliminary World Cup matches, helping Greece advance in the next stage.
However, after his arrival in London he was injured and Felix Magath, Fulham’s coach, rarely used the player. Mitroglou was only able to start in one match of the Premier League in May.
Fulham reportedly requested a 2.5 million pound loan fee for the Greek striker.