Arsenal defender Sebastien Squillaci and former PAOK stopper Pablo Contreras are both targets for reigning Greek Super League champions Olympiacos.
New manager Leonardo Jardim is looking to bolster his defence, with Greece international Avraam Papadopoulos still recovering from knee ligament damage he suffered at Euro 2012.
The Piraeus club have reportedly already agreed personal terms with Contreras, who currently plays for Chilean side Colo-Colo.
It is believed the 33 year-old has told his current employers that he favours a return to Greece, where he will be offered €600,000 a year and the opportunity to play UEFA Champions League football.
However, the deal is yet to go ahead with Colo-Colo keen to keep hold of the experienced defender, with Squillaci emerging as an alternative if Contreras stays in South America.
The France international is not in Arsene Wenger’s plans and was left out of the English Premier League club’s pre-season tour of Asia.
His wage demands are higher than that of Contreras, with the former Lyon man asking for a salary of around €1.2 million.