Olympiakos announced on Friday that Serbian striker Marko Pantelic has joined the club on a two-year contract.
No financial details of the deal were revealed by Olympiakos but local press reports said Pantelic would be earning 1.4 million euros a year.
Pantelic, 31, began his career with Greek club Iraklis Salonica in 1995 and has since represented a number of teams, including Paris Saint-Germain, Red Star Belgrade, Hertha Berlin and Ajax.
He spent the 2009-2010 season at Ajax, playing in 25 matches and scoring 16 goals before being released.
Pantelic has won 35 Serbia caps and scored seven international goals.
Olympiakos also announced the signing of Spanish midfielder David Fuster on a three-year contract from Villarreal, for a reported fee of 1.5 million euros.
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