The Saudi Roshn League has failed to attract a new signing from the English Premier League during the current summer transfer window.
Press reports had revealed the desire of Al-Ittihad and Al-Diriyah to sign Jamaica's Leon Bailey, the Aston Villa winger, this summer.
Olympiacos got there first. Italian journalist Fabrizio Romano revealed that the Greek club swooped in during the final hours to secure Bailey's transfer.
Writing on his personal account on "X", Romano explained that Olympiacos had reached a verbal agreement with their English counterpart to sign the Jamaican winger on a three-year deal running until 2029.
Bailey heads to the Greek capital Athens in the next few hours to undergo a medical and officially join Olympiacos.
Al-Ittihad had eyed Bailey as a replacement for French winger Moussa Diaby, who completed his move to Germany's Bayer Leverkusen on Tuesday.
With Bailey now out of reach, they turn their attention to Japan's Ritsu Doan, the Eintracht Frankfurt winger who remains one of their most prominent options this summer.
The Saudi league has still landed plenty of talent from the English Premier League this window, including the Netherlands' Crysencio Summerville, England's Ollie Watkins and Brazil's Gabriel Martinelli.