Olympiakos will only make their move for Nottingham Forest's Tiago Silva if they fail to land their number one target to replace Brazilian midfielder Guilherme.
According to SDNA, the Greek side still hold an interest in Silva who has been the subject of speculation about his future since reports claimed he was top of PAE's shopping list.
But it is now said that Olympiakos will only pursue the midfielder if they cannot land Vitoria Guimares' Pepe who has been earmarked as their first choice to replace the reportedly outgoing Guilherme.
Silva played an integral part in Forest's side under Sabri Lamouchi last season in which he played 47 games, scoring four goals.
He also registered four assists and is an immensely popular figure at the City Ground.
But despite his fine contribution, hopes of a promotion to the Premier League fell apart on the final day as the Reds blew a top-six finish.
Forest are now reshaping their squad for next season as they look to go on step further and have moved quickly in the transfer market by recruiting striker Lyle Taylor, midfielders Jack Colback, Fouad Bachirou and defender Tyler Blackett.
More signings are expected before the transfer window closes with the Reds also having been linked with a swoop for Benfica's David Tavares.
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