Dared Spanish coach Miguel González Martín del Campo, aka Michel, will return to coach Olympiakos from reigning Greek champion Youssef El Arabi, a Greek news agency reported on Tuesday.
The former Real Madrid midfielder will replace compatriot Carlos Corberan, who was dismissed after a 2-1 league defeat at Aris Thessaloniki on Sunday.
According to Athens News Agency, Michel has reached an agreement with Olympiakos and is due to sign his contract on Tuesday.
The 59-year-old coach returns to Olympiakos seven years after leaving. He has since been in charge of Olympique de Marseille, Malaga, UNAM in Mexico and Getafe.
He led Olympiakos from 2013 to 2015, winning two leagues and a Greek Cup there.
Michel led the Piraeus team in 90 matches, with a record of 64 wins, 11 draws and 15 losses.
Appointed in early August at the head of Olympakios, Corberan, 39, was coming out of a two-year stint at the head of Huddersfield Town.
But he only lasted six weeks and left the Piraeus club seven points behind their great rival and league leaders, Panathinaikos, after five matches.
Olympiakos is owned by Evangelos Marinakis, who also owns Nottingham Forest, and last week the Greek club signed Congolese striker Cedric Bakambu and former Real Madrid star James Rodriguez.
The Colombian attacking midfielder has joined his ex-Real team-mate, the Brazilian Marcelo.
Greek media reported that Marinakis hoped to sign former Paris Saint-Germain manager Laurent Blanc but the two sides failed to agree on a contract.
The former coach of the France team was dismissed by the Qatari club Al-Rayyan last February.
To find a successor to Corberan, Marinakis also spoke with Spanish coaches Marcelino, Quique Setien and Javi Garcia, and Portuguese coaches Leonardo Jardim, Paulo Sousa, Andre Villas-Boas and Joao Pedro Sousa.