Stephen Eustáquio is returning to the centre of Olympiacos’ midfield search

Olympiacos’ pursuit of a central midfielder is no longer built around a single name.

Antonio Blanco, the primary midfield target, continues to offer a younger, more development-oriented alternative. But the latest information places Stephen Eustáquio back into serious consideration, with Olympiacos reportedly initiating contact regarding the FC Porto midfielder.

The distinction matters. Eustáquio had already appeared on the broader list of midfielders associated with Olympiacos, but fresh contact suggests the club are testing whether the financial and contractual conditions can support an actual negotiation.

That does not make him the favourite. It makes him a live alternative.

What Eustáquio would offer

Eustáquio’s appeal lies in the balance of his game.

He is not primarily a destructive defensive midfielder, nor is he an attacking No. 8 whose value depends on goals and final-third creation. His strength is connecting phases: receiving from defenders, circulating possession under pressure, controlling tempo and positioning himself to disrupt transitions when possession is lost.

That profile would address an identifiable need in José Luis Mendilibar’s squad.

Olympiacos have energy in midfield through Santiago Hezze and considerable technical potential through Christos Mouzakitis. What the squad could still use is another experienced player capable of managing matches when the game becomes stretched—someone who can slow the tempo, choose the safer passing route and provide tactical stability without forcing the team to abandon its aggressive identity.

Eustáquio has performed those functions for Porto and Canada. His international experience is particularly relevant because he has operated within different tactical structures: possession-oriented football at club level and more transitional responsibilities with his national team.

The financial obstacle

The reported asking price is significant.

Sport-FM places Porto’s valuation at approximately €10 million. At 29, Eustáquio would be acquired primarily for his immediate sporting impact rather than future resale. That does not make the investment unreasonable, but it changes how Olympiacos must evaluate the deal.

A fee at that level would require confidence that he can become a core starter rather than merely strengthen the rotation.

It would also need to be compared with the alternatives linked with Olympiacos:

• Freuler offers greater experience at the highest European level and may be available without a conventional transfer fee, but his salary and competing interest could complicate the operation.

• Blanco is younger and offers potential resale value, but Alavés’ reported demands are complicated by Real Madrid retaining part of his economic rights.

• Eustáquio sits between those models: experienced enough to contribute immediately, young enough to provide several strong seasons, but expensive enough that the club must view him as an important player.

• 
  

Why Olympiacos need several active options

Transfer shortlists are often described as rankings, but they function more like parallel negotiations.

Olympiacos can prefer Freuler while simultaneously contacting Porto about Eustáquio and gathering the full financial conditions for Blanco. That approach creates leverage and protects the club if the first-choice operation becomes too expensive or slow.

The Champions League calendar also creates pressure. Mendilibar needs the midfield reinforced quickly enough for the newcomer to train with the group and understand the pressing structure. Waiting indefinitely for one target could leave the squad incomplete during the most important matches of the summer.

That makes Eustáquio’s renewed prominence strategically significant even without an offer.

He gives Olympiacos another credible path toward solving the position.

What would make the story advance

The next meaningful stage would involve one of the following:

• a formal Olympiacos proposal to Porto;

• permission to discuss personal terms;

• agreement on a lower fee or different payment structure;

• confirmation from the player’s representatives that he is open to Greece.

  
  

Until then, Eustáquio should be classified as an active candidate following reported contact—not as an imminent signing.

The larger picture is clearer: Olympiacos are accelerating their midfield search and are ensuring that the Blanco pursuit is not their only route.