The 29-year-old was previously linked with fellow Greek Superleague side AEK Athens in January.
Agbonlahor, 29, has endured a dismal season with his childhood club, having seen a combination of form, fitness and off-field issues limit him to just 15 starts in 18 total appearances.
The academy graduate has only scored once in the process, against Norwich City in February to end an 11-month goal drought, and he has failed to feature for the club for the past six matches following a string of controversial incidents.
After being dropped from the squad for last month’s 4-0 loss to Chelsea while Villa conducted an investigation into his conduct on a trip to Dubai during the international break, caretaker manager Eric Black announced before the 1-0 defeat at Manchester United that the long-serving forward would be unavailable for selection for a fortnight while he underwent a personal fitness programme.
However, his training plan was halted the following week when he was suspended pending another internal investigation after more newspaper allegations surfaced about his behaviour, prompting the Birmingham native to resign as club captain this week.
Having issued an apology and been heavily fined, his suspension is due to be lifted on Monday, but what the future holds for the former fan favourite remains unclear.
There were already rumours that he could leave Villa Park during the January transfer window following a “disagreement” with former boss Remi Garde, and with the club’s relegation now confirmed, more reports have since surfaced that management are desperate to offload him this summer.
The Telegraph claimed last week that the under-fire veteran has an offer on the table to move to the Middle East at the end of the season, but Gazzetta.gr have now suggested that a switch to Greece could be on the cards instead.
Olympiakos have allegedly earmarked the misfiring front man as a potential target, but with two years left on his reported £50,000-per-week deal, it remains to be seen whether the Superleague champions will be able to afford his signature – even if Villa are prepared to let him leave on a free.
This is not in fact the first time Agbonlahor has been linked with a move to Greece this season, as the same outlet also reported over the winter that AEK Athens were considering a double swoop for him and fellow misfit Charles N’Zogbia.