Olympiacos have moved swiftly to appoint a new coach, announcing the arrival of former Porto boss Vitor Pereira.
The Greek champions, who sit a point behind PAOK in this season s Super League, parted company with Michel on Tuesday.
Pereira has now been installed as the Spaniard s successor, with his first match at the helm set to come at Xanthi on Sunday.
A brief statement on Olympiacos official website read: Olympiacos FC announce the beginning of their collaboration with Portuguese manager Vitor Pereira.
Pereira, previously linked with Everton, was the assistant manager to Andre Villas-Boas at Porto, and went on to lead the club to successive Primeira Liga titles after taking the top job in 2011.
He subsequently coached Saudi Arabian outfit Al-Ahli, but will now resume his career in Europe.
Olympiacos, who face Dnipro in the last 32 of the UEFA Europa League next month, will present their new coach at a press conference on Thursday.