The incident happened at Kalolimnos islet in the Dodecanese, just opposite the Turkish coast.
The Greek coastguard that rushed to the scene discovered the body of one woman. Later, two more bodies were recovered inside Turkey’s territorial waters by the Turkish coastguard.
Greek authorties say that 15 people, among them one child, were rescued.
It is believed that between 22 and 24 people were onboard the wooden vessel.
A search and rescue operation is ongoing with the participation of a Frontex boat and a Super Puma helicopter.
Rescue operations at Chios
Meanwhile, further north, 127 migrants and refugees were rescued early Friday in two separate incidents in the sea region of Chios.
A Frontex patrol vessel rescued 65 persons, passengers of a dinghy in distress in the sea region of Aghia Ermioni.
In the second case, 62 migrants and refugees were rescued by another Frontex patrol vessel in the sea region of Nenites.
All migrants and refugees were safely transferred to the port of Chios.