No information was provided by Kokkalis on the deal.

"Rivaldo will remain with Olympiakos because he is the biggest transfer ever made in soccer in Greece. He has shown that he is a great player. He has given a lot to Olympiakos and that is why we have agreed for him to play another year with us," Kokkalis said.

The 33-year-old midfielder is playing his second season with Olympiakos and receives a reported 1.9 million euros annually.

Rivaldo was 1999 World Player of the Year and a 2002 World Cup winner.