Recently, I wrote about Olympiacos, and whether each signing from every transfer window since 2024 had been a success, failure or needed more time before passing judgment.
I also discussed whether the transfer policy was working, given the club’s scattergun approach to assembling the squad.
Well, now it’s a slightly different story.
Thrylos had to settle for second place while AEK deservedly won the 25/26 Super League title.
The Piraeus side, at the very least, secured a place in the UEFA Champions League qualifiers.
Whether it will be the second or third round remains to be seen, but it will certainly be the club’s earliest start to a season since 2023/24.
This will obviously impact planning for 2026/27.
Spending on new signings, the prospect of selling several valuable assets from the plethora of talented players and finding suitable replacements would be made all the more tricky.
It is hard to estimate what might happen.
But that doesn’t mean I can’t try to give my take on who should be kept, who is likely to leave and which positions require reinforcements for the 2026/27 campaign.
Goalkeeper
We begin with one position whose occupancy is uncertain.
Having been linked with Juventus, Manchester United and Arsenal, just to name a few, Konstantinos Tzolakis is a highly rated keeper and will have more suitors come the summer.
Part of the best defence in the Super League in 25/26 and keeping 22 clean sheets in all competitions, including three in the Champions League, it is hard to see the 23-year-old remain in Piraeus much longer. But if possible, he must be kept at all costs.
Nikos Botis is a capable second choice, and while he might not have the potential of Tzoakis, this is a solid keeper there.
His contract is due to expire this summer, so he may wish to challenge himself as a starting shotstopper elsewhere if he does not renew.
Alexandros Paschalakis’ contract also expires this June, and while he is a capable and experienced third choice, he will seemingly leave this summer.
If Tzolakis were to be sold, then Thrylos would need a suitable replacement.
The most recent name linked with the club is Wolves keeper Jose Sa.
The Portuguese shot stopper previously played for Thrylos until his move to the Premier League side in 2021.
Having suffered relegation with his current club, Sa, does not seem to favour playing in the Championship.
He was generally excellent in Piraeus and part of one of the strongest Olympiacos sides in recent years under Pedro Martins, but he is prone to the odd error of judgment, and his age would not make him a long-term replacement.
Centre-back
Moving to centre-back, Panagiotis Retsos feels almost guaranteed to remain in Piraeus for next season.
The Olympiacos captain’s importance to the back line as a leader on and off the pitch is vital to their recent success.
Lorenzo Pirola, by contrast, has had several clubs in his native Italy showing interest in him.
As said in my previous blog, Pirola has been a huge success and has developed into arguably the best central defender in the league.
If a big offer came for a 24-year-old, it would be hard for the Piraeus side to say no, but the vast majority of fans would obviously want to keep him.
As for the rest of the centre-backs, while I respect his passion and work ethic, Giulian Biancone is not at the level to compete with Retsos and Pirola in the squad, with several errors when given the chance to play. For those reasons, I would move the Frenchman on.
Alexis Kalogeropoulos has looked excellent despite seeing limited minutes and should absolutely be the future of the Olympiacos defence.
The Greece U21 captain’s contract expires this summer.
It would, quite frankly, be a crime if he left on a free when the Piraeus side desperately needs Greek players in the squad. He must be offered a contract renewal.
Another who has played his way into getting a second chance is Gustavo Mancha, who has impressed on loan at Rio Ave.
He might not be guaranteed the minutes next season, if both Pirola and Retsos are still the two starting centre-backs, but Mancha will surely get another chance during preseason.
There is interest from some of Portugal’s bigger clubs, meaning Thrylos could also cash in on him.
Lastly, for Ruben Vezo… his contract mercifully expires in June.
Dutch veteran Stefan de Vrij has been linked to Olympiacos in recent months.
While he would bring excellent experience and leadership, it remains to be seen whether he can still perform at a high level and has the motivation to compete for trophies in Greece.
Aside from De Vrij, Union Berlin’s Diogo Leite, who is available on a free transfer this summer.
If the club can convince him to play outside of Europe’s top five leagues, it could be a good fit.
Left-back
On the left side of the defence, many supporters, myself included, assume that one of Francisco Ortega or Bruno Onyemaechi will depart at the end of the season.
Ortega has been a mainstay at left back, and while he has critics, the Argentine also has his suitors.
Bruno, meanwhile, may not have been given enough opportunities to establish himself properly, and he has been inconsistent at best when played.
There is even speculation of both leaving this summer, although I doubt that would happen unless replacements are found prior.
I would personally not be opposed to either player departing Piraeus.
While I rate Ortega, I also do not believe that he is indispensable if a good offer comes.
With Bruno, I can’t see him ever being our starting left back, so a move for his own career would make the most sense.
Inevitably, when discussing replacements, Kostas Tsimikas’s name is never too far away from the conversation.
The now 29-year-old is currently out on loan at Roma, and a return to Piraeus is always possible.
Due to Andrew Robertson leaving Liverpool at the end of the season, however, this could give Tsimikas the option of returning to his parent club to compete with Milos Kerkez.
Other names include fellow Greek international Dimitris Giannoulis, who has been rumoured to join pretty much every big four club at this point, and Greek American Noah Allen, who competes for the U21’s and Inter Miami in MLS.
Right-back
The right back position is seemingly an area the club wishes to bolster as well.
Brazilian veteran Rodinei has generally been the starter.
But with him scoring four goals in the playoffs as a right winger, Jose Luis Mendilibar stated that he now sees the 34-year-old as such, and I agree with the Basque coach.
Although it is worth mentioning that he has even been linked with a potential return to Brazil with Club Athletico Paranaense.
As for Costinha, reports surfaced after the end of the season that Premier League side Brighton and Hove Albion.
The Seagulls are not only interested in the 26-year-old; talks are now in the advanced stages, according to Gazzetta.gr.
With the financial muscle of the English top-flight clubs and the chance to play in one of the best leagues in the world, it might be too much for both Olympiacos and him to turn down.
That means the Piraeus side will be light on right-backs going into next season.
Triantafyllos Tsapras, who has starred for Levadiakos in 2025/26 as one of the most productive players in his position, is top of the list.
Panathinaikos were supposedly close to signing the 24-year-old, according to rumours a couple of months ago.
But it seems Olympiacos is the current frontrunner for his signature.
Former Thrylos youth player Monolis Saliakas has also been linked to a return to Greece with his current team St Pauli, suffering relegation from the Bundesliga.
Midfield
For midfield, simply put, Christos Mouzakitis and Santiago Hezze must be kept, although that is wishful thinking.
Starting with the former, Mouzakitis is the most valuable player in the Greek Super League, according to Transfermarkt, and, since he made his senior debut for Thrylos in 2024/25, has received a huge amount of interest from too many super clubs to name.
The 19-year-old has seen fewer playing minutes in the last couple of months, whether that is because he is being protected for a potential big move or for tactical reasons.
Olympiacos has a huge asset on its books, and much like fellow academy graduate Babis Kostoulas last summer, if a seismic offer comes for Mouzakitis, it will be hard for Olympiacos to say no, especially if they do not secure Champions League football.
Hezze, also on the most valuable Super League players list in fourth, would be just as big a loss.
The 24-year-old has been ever-present and ever reliable in defensive midfield for the last three seasons, and if his cycle with Olympiacos ends this summer, it will be extremely difficult to replace him.
With that being said, it could open the door for Argentine compatriot Lorzeno Scipioni to become a more prevalent part of the first team next season.
While not an exact replacement stylistically, the 21-year-old is now around the same age that Hezze was when he broke into the team.
He seems ready to take on the midfield mantle, with fans impressed by him even in his limited minutes this season.
Diogo Nascimento, too, could benefit from certain players departing the club in the summer.
He has been used as a Swiss army knife by Mendilibar, playing as a six, an eight, a ten and even a winger at times.
A loan would not be out of the question for the Portuguese midfielder, but a strong preseason could be the difference maker between staying and going.
The club must also continue the positive trend of giving talented youth players an opportunity.
Many supporters have been crying out for Theofanis Bakoulas and Argyrios Liatsikouras to be given senior game time.
The former sadly ruptured his ACL on loan at Rio Ave, and the latter has mainly featured for the B team this season.
But with preseason 2026 and European qualifiers, it would be good for both to be given a chance to shine as potential future Greek internationals.
As for transfer rumours, Luis Milla’s name has been ever-present since last summer.
The Spanish midfielder has reportedly been top of Mendilibar’s wish list, and with Getafe’s asking price decreasing from last summer, there is every chance Thrylos could snap him up this time around.
There is also Unai López, a similar profile to Milla, whose contract with Rayo Vallecano expires next month.
Attacking midfield
It seems almost a given that legendary captain Kostas Fortounis will return and take up the number seven shirt once more.
The 33-year-old had a very productive season in the Saudi Pro League for Al Kaleej with ten goals and 12 assists in 22 appearances.
Fortounis was interviewed in March 2026, where he expressed his desire to return to Piraeus upon the expiry of his contract.
While he is due to turn 34 years old in a few months, there is little doubt in most supporters’ minds that Fortounis won’t wish to make a big impact if and when he returns.
He is also a flexible option in multiple positions, being at home in attacking midfield to compete with Chiquinho or moving out to right wing as a creative outlet on the flanks.
It is also worth noting that I believed Fortounis would be the replacement for Turkish midfielder Yusuf Yazici, who was rumoured to be departing the club at the end of the season.
With Yazici suffering the third ACL injury of his career and his second at Olympiacos, whether he departs this summer or later remains to be seen, as he will be unavailable at the very least until the end of this calendar year.
This next one is painful for me to say, but I currently believe that Daniel Podence’s loan should not be made permanent.
This is an opinion I have expressed in my previous blog, but to reiterate, it is a head-over-heart decision.
The diminutive winger is one of the best in his position that the Piraeus side has seen in the modern era.
All past achievements in his first and second spells make him a certified legend of the club.
But from what we saw, based on his performances this season, I believe it is a risk to keep him when he seems to be a shadow of his former self.
I would love Podence to prove me wrong, and if he remains at Olympiacos beyond the summer, I would give him another chance, but perhaps it is time for both parties to move on and try something fresh.
As for Gabriel Streffezza, he may well get a second chance in preseason after his loan with Parma expires.
If a potential return to Como is on the cards, as reported recently, however, the club might wish to cut their losses and recoup as much of the fee it paid for him as possible.
This would, in turn, mean that Thrylos requires another left winger.
Zuriko Davitashvili of Saint-Étienne, who was previously linked to the club in January, has cropped up again, although his club has a high asking price.
Closer to home, Thiago Nuss, who starred for OFI this season, could be a cheaper option but perhaps lacks the star quality that Thrylos fans would want.
On the right flank, Gelson Martins will almost certainly remain at the club.
As mentioned before, Rodinei will likely be moved up the pitch as a winger rather than a fullback next season.
Andre Luiz will have a point to prove in the preseason and the qualifiers in a few months.
We only saw flashes of what he is capable of since his arrival from Rio Ave, and he has the potential to become an important player in the future.
Even Giorgos Masouras, who, like Fortounis, has had a very productive season in Saudi Arabia, has been tipped to be given a second chance in preseason.
Although he has reportedly expressed a desire to stay in Saudi. So right-wing, for now, is covered.
Centre-forward
Up front, El Kaabi and Taremi will still be present next season, despite both having a turbulent time in front of goal in the latter stages of the campaign.
Clayton is a big question mark. He has had even less game time than Luiz, and it feels more likely that he could depart this summer via a return to Rio Ave on loan.
Roman Yaremchuk is also poised for a return to Thrylos, with loan club Olympique Lyon unable to trigger the €5 million for the Ukrainian.
I, among many other supporters, would like to see him given a chance in preseason, although with four strikers that can all play as the starting number nine, there will surely be departures in that position.
The manager
Last but not least, there is Jose Luis Mendilibar himself. As it stands, the club do not seem willing to let the Basque coach leave this summer.
He has already begun to plan for next season, having met with Evangelos Marinakis and discussed what went wrong in 2025/26, player sales and potential signings.
Mendi should rightfully take a level of responsibility for the failure to retain the Greek Super League title, but I still believe that he is the right man for the job.
It baffles me that a minority of supporters on social media wish for his departure.
People are too quick to forget the mess of the managerial merry-go-round between Pedro Martins and Mendilibar.
Six managers, including caretakers, in the space of 18 months. I highly doubt any fan would like to return to that.
It is logical that a coach who has brought us so much success, a league double in the club’s 100th anniversary and their first-ever European trophy, has earned the right to try and rebuild the squad.
It’s a much more stable option than ripping everything and starting again. Sure, it could very well end up being a mistake to keep him on.
Keeping Martins beyond 2021/22 in hindsight did not work out, but he had won three league titles in a row, so it was logical to keep a successful coach on to try again.
The very same thing could happen with Mendi, but it is a risk worth taking, in my opinion.
The plan in short
So, in short, what does the Piraeus side need to do?
Have a clear plan for which positions need strengthening.
Sell players who are deemed surplus and perhaps relinquish a few higher value assets if suitable replacements can be found.
Invest in Greek talent from the domestic league, abroad and from the academy.
Give Mendilbar what he wants when it comes to foreign signings, as well as the squad size he wishes to work with.
Prepare for a tough early start in the qualifiers, as the players have not experienced this for several seasons.
Wishful thinking, but that is my take on what should be focused on.
In any case, with the dust still settling on a disappointing campaign, Olympiacos is already preparing for next season.
They will also wait in anticipation for how Aston Villa will finish their campaign.
The Villans won the Europa League and if they finish fourth in the Premier League on the final day of the season, Thrylos will move into the Champions League third qualifying round.
This, in turn, means Thrylos’ season would start in early August rather than the second qualifying phase at the end of July.
Until then, we wait in eagerness to see our Olympiacos walk onto the pitch and do it all over again.
Leave a Reply