Goalkeeper Antonis Nikopolidis saved Augustin Pelletieri's poor second kick before scoring his own second penalty to secure a 24th cup triumph for Olympiacos.

Olympiacos, who recently celebrated their 12th Super League title in 13 seasons and 37th in total, have now won the double 14 times.

AEK's Argentinian striker Ismael Blanco netted twice in four minutes early in the first half before on-loan striker Matt Derbyshire and Dudu levelled the scores.

Nacho Scocco thought he had won the game for AEK with a superb individual goal in the 90th minute before Derbyshire, who was later forced off with a hand injury, headed home a last-gasp equaliser in the fourth minute of added time.

Luciano Galletti then struck in extra time to put Olympiacos 4-3 ahead, only to be sent off after receiving a second booking for taking off his shirt in celebration.

Scocco then surpassed his first goal of the game with a superb second to astonishingly level two minutes into the second period of extra time to set up the thrilling shoot-out.

A jubilant Derbyshire, voted man of the match, said: "We are a fantastic team with great players.

"It's not just about me. We showed that we are a great team by coming back like that."

The Blackburn striker, who has scored eight goals since joining in January, also stated his desire to stay in Greece.

"I'm so grateful I had the opportunity to come to Olympiacos and I hope that Blackburn and Olympiacos can come to an agreement."