Greek giants Olympiakos have announced that Spaniard Ernesto Valverde is to become their new coach, on a lucrative two-year contract.
On Monday Valverde quit as coach of Espanyol after finishing in disappointing 12th place in La Liga.
Valverde, 44, guided Espanyol to the UEFA Cup final in May 2007 - where they lost on penalties to Sevilla - but this season has been unable to build on that achievement.
Several Spanish club, including Getafe and Racing Santander, were interested in Valverde for next season, and will now be disappointed by the news that he has decided to accept the offer of Olympiakos.