Olympiakos: Pereira replaces Michel

The 51-year-old Spaniard, who took the helm in February 2013 and won two league titles and the 2013 Greek Cup, had been criticized for the team's style of play this season and their failure to progress from the group stage of the Champions League.

"After leaving the training ground for the last time and saying goodbye to my players and employees of the club who for the last two years made me feel at home, I was unable to hold back some tears; I will miss you," he said in an open letter published on the Olympiacos website.

He added: "Football rarely notifies you early enough when you come and when you leave. I am leaving for my home, but a part of me will stay here. I was very happy here and I'll take great memories with me.

"I leave impressed by the size of this club, the wonderful city of Athens, and from this country that embraced me and made me feel part of it. Also, I will never forget those nights at the Karaiskaki stadium and the unbelievable passion of the fans; my legs still shake when I think about their songs."

The club's new coach is Vitor Pereira, the 46-year-old Portuguese coach who led Porto FC to its country's title in 2012 and 2013. In the Primeira Liga, he was the assistant coach in Porto in 2010 and proceeded to take over as head coach a year later. He is considered young, driven, ambitious and a fan of full attacking football.

Michel had penned a contract until June 2015, but despite his success -- the team also reached the Champions League round of 16 last season -- Greek media said Olympiacos owner Vangelis Marinakis was unhappy with the team's failure to play attractive football in the Super League. The team trail leaders PAOK Salonika by one point after 16 matches.