Gelson Martins has reportedly AGREED personal terms with Krasnodar — Olympiacos and the Russian club are now €2m apart

Gelson Martins of Olympiacos FC controls the ball during the UEFA Champions League 2025/26 League Knockout Play-off Second Leg match between Bayer 04 Leverkusen and Olympiacos FC at BayArena on February 24, 2026 in Leverkusen, Germany. (Photo by Alex Grimm/Getty Images)

Krasnodar’s renewed interest in Gelson Martins mattered when it was only a club-to-club conversation.

It matters considerably more now. Russian reporting says Gelson has agreed the personal terms available to him and is prepared to move. The proposed contract would run for two years with an additional option and pay roughly €2.5 million annually. The player is therefore no longer the obstacle. Olympiacos’ valuation is.

€4m versus €6m is a very bridgeable difference

This is not a negotiation where the clubs are tens of millions apart. Krasnodar are reportedly offering €4m.

Olympiacos want at least €6m. That gap can potentially be addressed through a higher guaranteed fee, bonuses or another payment structure. There is no report yet that either side has proposed such a compromise, so those mechanisms should remain analysis rather than reported terms. But a €2m difference is usually negotiable when:

the buyer genuinely wants the player;

the player wants the buyer;

and the seller is open enough to state a price.

The timing with Rubén Vargas is impossible to ignore

This is where the wider squad planning becomes interesting. Olympiacos have spent days negotiating for Vargas, and seller-city outlet ABC de Sevilla independently reported Tuesday that the Swiss winger has reached agreement with Olympiacos while the clubs continue working on the transfer. That Vargas player-side agreement had already been reported earlier, so I am not treating it as a separate fresh alert here. But alongside Gelson’s new Krasnodar agreement, it creates a clear possibility: Olympiacos may not simply be adding Vargas to the existing winger group. They may be changing the group itself.

Gelson leaving would create both money and minutes

At 31, Gelson sits at a very different point of the asset cycle from many of Olympiacos’ new recruits. If Olympiacos can obtain around €6m while also removing a significant veteran salary, that creates resources for the final phase of the window. It also creates playing time. Vargas would immediately have a major role. Gustavo Sá, Roca, Jota Silva and other attacking options would have clearer pathways. The squad becomes less congested.

But Gelson and Vargas are not direct tactical replacements

This distinction is important. Gelson is naturally most dangerous from the right. Vargas has been pursued largely to transform the left side. So selling Gelson after signing Vargas does not automatically mean the winger problem is completely solved. Olympiacos would still need to decide how much right-sided depth it wants behind or alongside Rodinei and the other attacking options. That could explain why the club have simultaneously explored players such as Ilan Kebbal.

Mendilibar’s earlier preference to keep Gelson also deserves attention

Earlier Greek reporting had suggested José Luis Mendilibar valued Gelson and was not pushing to lose him.

So a sale now would presumably need to make sense at squad and financial level rather than simply because Krasnodar are interested. That is probably why Olympiacos are holding at roughly €6m rather than immediately accepting the €4m proposal. They are not trying to dump the player. They appear willing to sell at their valuation.

The contract Krasnodar are offering explains why Gelson is receptive

Approximately €2.5m annually on a two-plus-one-year arrangement is significant security for a 31-year-old winger. From Gelson’s perspective, that may represent one of the final opportunities for another major multiyear contract. That does not mean he is forcing his way out. There is no evidence of that. It explains why an offer that might not have been attractive earlier in his career can make sense now.

Olympiacos should only complete the exit once the attacking succession is secure

This is the sequencing issue. Vargas is reportedly personally aligned. He is not yet officially signed. Sevilla and Olympiacos are still negotiating. ABC de Sevilla reported Tuesday that Vargas remains outside full team training while those talks continue. Olympiacos therefore need to be careful. Selling Gelson first and then seeing the Vargas deal collapse would weaken Mendilibar’s attack at precisely the wrong moment.

The most logical sequence is:

secure the incoming winger;

then complete Gelson’s exit.