The 38-time Greek league champions will grace Melbourne's Etihad Stadium on May 19, having committed to bringing a full-strength squad for the match.
Olympiakos visited Melbourne in 1978 and could return having won yet another Greek Super League title, given they are seven points clear on the table.
Spanish coach Ernesto Valverde is likely to lead a squad packed with internationals, including Avraam Papadopoulos, Vasilis Torosidis (both Greece), Jean Makoun (Cameroon), Olof Mellberg (Sweden), Kevin Mirallas (Belgium) and Marko Pantelic (Serbia).
"It's with much joy and anticipation that we make the trip to Melbourne - we have heard that there are thousands of Olympiakos fans in Australia waiting to see our team in action and we will not disappoint them," club captain Papadopoulos said in a statement.
Olympiakos will join a long list of glamour friendly opponents for Victory, including the Los Angeles Galaxy, Juventus, Fulham and Boca Juniors.
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