Former Real Madrid and Everton star James Rodriguez is reportedly closing in on a loan deal with Olympiakos. The 31-year-old is currently playing for Al-Rayyan in Qatar but appears keen on a return to Europe following a year away in the Middle East.

James is currently on a contract with Al-Rayyan until 2024, which includes a 5.2-million-pound annual salary. In recent weeks, he has been linked with moves to Valencia and Galatasaray, with reports stating he would take a ‘pay cut’ to join the LaLiga side.

According to Gazzetta, Olympiakos are set to give the attacking midfielder a way out and an entry to the Superleague, with talks reaching the final stages. The summer transfer window in Greece closes on September 15, so Olympiakos are looking to get a deal within the next few hours.

SunSport can confirm that the Greek champions are indeed in talks with James’ camp as well as Al-Rayyan and negotiations are progressing positively.

However, it seems like the Colombian star will move to Piraeus on a loan that would see Olympiakos paying him 2 million euro, and Al-Rayyan covering the other 4 million euro of his annual wages.

Olympiacos seem close to another major signing after landing the Colombian’s former Real team-mate Marcelo.