The Argentine is set to remain in Greece...Liverpool have agreed a fee with the Greek club, according to liverpoolfc.tv.
Midfielder Leto spent last season on loan with Olympiakos and had expressed a desire to stay there, but the Greens were the first to bid for the player.
The winger arrived at Anfield in August 2007, touted as an exciting prospect for the future.
He made his debut against Toulouse in a Champions League qualifier in the same month - one of only four competitive appearances.
Work permit problems have since limited his first-team opportunities, leading the 22-year-old to a spell in Greece.
Leto began his career in 2005 in his native Argentina, with Lanus, based in Buenos Aires.
He made over 50 appearances there, scoring eight goals before leaving for Liverpool.
Jamie Dunn, Goal.com