KRASNODAR HAVE RAISED THEIR OFFER FOR GELSON MARTINS TO €6M

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)

For more than a week, the Gelson Martins situation had been relatively straightforward. Krasnodar wanted him.

The player was reportedly receptive. Olympiacos did not like the price. Now the economics have changed.

Earlier Russian reports placed Krasnodar around €4m while Olympiacos were said to want at least €6m.

If Novasports’ new figure is correct, Krasnodar have now essentially arrived at that valuation. That makes this far more serious.

Why €6m creates a genuine dilemma

Gelson is 31 and Olympiacos renewed his contract only in February. That tells us the club did not begin this cycle actively trying to dispose of him. But a €6m proposal for a player on the wrong side of the traditional resale curve is very different from €4m. Olympiacos must weigh three things. First, his immediate sporting value.

Gelson offers speed, transition threat and experience in Mendilibar’s system. Second, the replacement market.

If Olympiacos can genuinely replace him with Bailey — or Bailey plus another winger — then the sporting cost of selling him falls considerably.

Third, asset timing. There may not be another opportunity to receive this kind of fee for Gelson later in his contract. That makes €6m potentially attractive even if the club would otherwise prefer to keep him.

The Bailey and Gelson deals are now interconnected

Novasports explicitly reports the two situations together. Olympiacos are continuing negotiations with Aston Villa and Bailey while Krasnodar increase their offer for Gelson. That does not prove one transaction is legally conditional on the other. But from a squad-building perspective, they clearly influence each other.

There are now several plausible outcomes:

Gelson stays and Olympiacos sign one additional winger.

Gelson leaves and Bailey replaces him.

Gelson leaves and Olympiacos add two attacking players — something Gazzetta says remains possible if the Portuguese winger departs.

That final possibility is especially intriguing because Olympiacos still have Thiago Nuss high on their list.