The Argentine has joined the Greek Super League outfit after leaving Malaga at the end of last season
Olympiakos have confirmed the signing of Javier Saviola on a two-year-deal.
The 31-year-old was available on a free transfer after leaving Malaga at the end of the season and has subsequently opted for a move to the Greek Super League outfit having been linked with several clubs across Europe.
Saviola - who will wear the number nine shirt at the club - scored nine goals in 37 appearances last term and featured six times in the Champions League.
The news of the striker's move - who counts Real Madrid, Barcelona and Benfica as some of his former clubs - will boost Greek football after a tumultuous period in which several of the league's big names have left due to the country's well-documented financial problems.
Olympiakos won the Greek title in 2012-13 by 15 points.