Postecoglou travelled to Athens last week to speak to the current Greece captain - with a record 125 caps to his name - about a move to Australia to be Melbourne's answer to Sydney FC's Alessandro Del Piero signing last year

The 36 year old midfielder is set to be released by Fulham after 25 games for them last season and is also understood to have other offers including a return to his former Greek club, Panathinaikos.

But Postecoglou today admitted he would have to let current international marquee Marcos Flores go as a sacrifical lamb if he succeeds in luring Karagounis.

"It's no secret that I'm trying to sign a new marquee," Postecoglou said after training this morning.

"And unfortunately it's just the way the system is in Australia that means I have to lose someone to make space."

Flores has had an unremarkable stint at Melbourne Victory since infuriating Adelaide United fans by snubbing the Reds to join their interstate rivals last year after a season at Chinese side Henan Jianye.

Flores trained normally with Victory this morning but Postecoglou has also brought in Mitch Nichols from Brisbane Roar to compete for the attacking playmaker role.

But although Flores's future is in doubt, Postecoglou insisted defensive midfielder Mark Milligan would be staying at Victory this season.

Milligan last week turned down a big money offer to return to the Middle East and is also said to have attracted fresh interest from Japan.

But Postecoglou vowed today: "I won't let him go.

"I don't expect him to go and I don't expect him to want to go. He turned down a lot of money to leave last week. He's settled here, he's got his family and he's playing well.

"I don't think anything will tempt him away at the moment and I wouldn't let him go anyway!"