Konstantinos Mitroglou has been one of the breakout players of the 2013/14 season, impressing with his prolific strike rate for Olympiakos and Greece.
The forward has 21 goals in 18 games for club and country and has attracted the attention of English clubs Arsenal and Liverpool.
Arsene Wenger even admitted his admiration for the striker last month: "At Arsenal, he is well known since we played Olympiakos in the Champions League. I'm happy for him because this is a guy who has both a physical presence and a sense of finishing…. This is a true finisher. He must try to evolve to a higher level to see what he really is capable of. In any case, all the major European clubs will certainly be alert. When you look at his statistics, we cannot ignore."
The Greek would have made an ideal signing as cover for either Olivier Giroud or Luis Suarez, thanks to an €8 million release clause in his contract.
It has been confirmed this evening however that Olympiakos have convinced Mitroglou to put pen to paper on a new deal.
The striker said: "I'm really happy that I renew once again with the team that belongs in my heart,"
"I want to thank the club and the president Vangelis Marinakis who have always believed in me even at times when my career was not progressing as I dreamed. I will give everything in training and in matches to try and make our fans happy.
"Olympiacos is a family and we all struggle for the red and white. We are all proud of this team and we will give everything to produce more glory the club."
Eurosport report that the €8 million release clause in his contract no longer exists, meaning while a January deal is not impossible, Olympiakos would be able to demand a far higher fee, likely double - something Arsene Wenger is unlikely to do for a striker who is cup-tied for the Champions League.
They aren't the only ones to lose out. The Mail reported even today that Newcastle United were interested, while Manchester United should also curse their luck.
Mitroglou is Olympiakos' main danger man, and the prospect of his sale would have given them a big boost for their Champions League last 16 tie. While the Red Devils remain heavy favourites for progression, Mitroglou's availability makes their task that little bit more tricky.
image: © wonker