Colombian international James Rodriguez has been freed from his contract with Al Rayyan, the Qatari club said on Thursday.
The 31-year-old Colombian international, who won two Champions Leagues with Real Madrid, joined Al Rayyan from Everton a year ago but played just 15 games due to injuries.
Olympiakos owner Evangelos Marinakis has said he has a verbal agreement to sign Rodriguez.
Rodriguez won the Golden Boot at the 2014 World Cup in Brazil with six goals in five matches.=
The playmaker has also played for Porto, Monaco and Bayern Munich.