Olympiacos are the dominant force in Greek football, with nine out of the last ten titles to their name, but have repeatedly failed to progress past the group stages in European competition.
It was initially rumoured that a high-profile foreign appointment would be made, with former Brazil and Real Madrid boss Vanderlei Luxemburgo himself claiming that a deal was in the pipeline.
However, it seems that Olympiacos have opted for a local coach, with Takis Lemonis - who quit as Xanthi manager last week - reported to be taking the reins.
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It is not known whether this is a long-term appointment or if the 34-time Greek champions are waiting until the end of the season for a big name coach to become available.
Sollied has only managed to finish bottom of his Champions League groups in both outings since joining at the beginning of last season.
The 46-year-old Lemonis - a former Olympiacos player and coach - took Xanthi to fourth last season, their best placing ever, and currently lie seventh.
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