The 31-year-old's agent recently revealed that the Ghana international is considering ending his eight-and-a-half-year association with Chelsea having become a bit-part player at Stamford Bridge.
Essien was not included in Chelsea's Champions League squad and is therefore eligible to play for other teams in the competition this season.
OIympiakos, who will face Manchester United in the next round of the Champions League, are keen on the former Lyon man and could make a bid when the transfer window opens later this week.
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