Former Espanyol manager Ernesto Valverde was Wednesday named as the new coach for Greek champions Olympiakos.

No details of the agreement have been announced, although press reports said that the 44-year-old Spaniard will be offered a two-year contract with an estimated income of up to 1.5 million euros over year.

Earlier in the week Valverde parted ways with Espanyol after guiding the First Division side to the UEFA Cup final last year, where they narrowly lost on penalties to Spanish rivals Sevilla.

Valverde's coaching career began in 1997 when he coached the Athletic Bilbao youth teams and eventually the Athletic Bilbao first team before joining Espanyol in 2006.