Greek Champions League hopefuls Olympiakos are poised to sign former World Player of the Year Rivaldo, the club said on Wednesday.

"Rivaldo is coming from Madrid tonight with (senior club official Giorgos) Louvaris," said a spokeswoman for Olympiakos, who finished second in the Greek first division to book a place in the elite Champions League.

Greek media have billed the deal as the "biggest-ever transfer in Greek football history", speculating the 32-year-old Brazilian would earn up to 1.5 million euros ($1.86 million) per year.

The career of the 2002 World Cup winner has been in limbo since he was released by AC Milan in December.

He joined Brazil's Cruzeiro soon after but walked out after less than two months. He has since been linked with moves to England's Bolton Wanderers, Scottish champions Celtic, German side Werder Bremen and clubs in the Middle East.