Olympiacos looks to the NBA transfer market: To be offered a contract extension for Kostas Papanikolaou

Olympiacos is active and waiting for opportunities in the transfer market.

The Greek team, the reigning European Champions, is looking for a replacement for Alec Peters. While the prospects for Isaac Bonga and Braxton Key seem increasingly complicated, they’re waiting for the NBA transfer market. The NBA market often offers opportunities, and the Greek team is aware of this, just as they understand that they’ll have to wait.

Meanwhile, a meeting will be held this week to propose a one-year extension with an option for Kostas Papanikolaou. The Greek captain is a key figure in the locker room, and the team wants him on the roster for next season as well.

The future of Cory Joseph is also being evaluated. The player has requests, but there is an option that can be exercised by July 10th. Meetings will be held to evaluate the future of the player and Olympiacos.

Olympiacos enjoyed a historic 2025–26 season, capturing its fourth EuroLeague title and ending a 13-year wait for European glory. Led by a deep and experienced roster featuring Sasha Vezenkov, Evan Fournier, Thomas Walkup and Nikola Milutinov, the Reds combined elite defense with outstanding team basketball throughout the season. Olympiacos defeated Real Madrid 92–85 in the EuroLeague Final in Athens, completing a memorable campaign and reclaiming the crown as the best team in Europe.