The Argentine's sibling, Lautaro, has claimed that a move to the Greek side is on the cards for the midfielder, but that there are issues to resolve with the Lancashire club
Lautaro Formica, who plays for Greek club Asteras Tripolis, revealed that he had explained to his younger brother the appeal of playing for the Piraeus-based side and that the 23-year-old was hoping to make the switch a reality, but that there are stumbling blocks to be overcome before the transfer can go through.
"Of course I spoke with my brother about this," the elder Formica told Sport24.
"There is a possibility to make a transfer to Olympiakos. There is interest from the Greek champions.
"I said to him a lot of things about Greece and what Olympiakos means for Greek football.
"The problem is that he has some issues with Blackburn that he must resolve.
"He told me that he wants to come to play here. It doesn't depend on him. It depends on the two clubs, Blackburn and Olympiakos. We will see what is going to happen."
Formica has only been at Ewood Park for a year, having arrived from Newell's Old Boys in January 2011, making 26 appearances in that time.