Evangelos Marinakis is said to be poised to reappoint Michel as coach of Olympiacos, seven-and-a-half years after sacking him.
The two reportedly met on Tuesday night, with the formalities on a two-year deal expected to be completed today.
The Spanish coach replaces Carlos Corberan, who was fired after a 2-1 Super League loss at Aris Thessaloniki on Sunday.
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Corberan had only been in charge of the Greek champions for six weeks.
Michel won two Greek league titles and the Greek Cup during his first stint at the club from 2013 to 2015.
He was fired in January 2015, with the club still competing in the Europa League and only a point behind PAOK FC in the domestic campaign.
The 59-year-old was not Marinakis’ first choice according to reports in the Greek media. However, the Olympiacos and Nottingham Forest owner was said to be unable to agree terms with preferred option Laurent Blanc.
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