Giannakopoulos, 35, is currently a target of NSW club Sydney Olympic. It's understood that the two parties have agreed in principle to a five game deal starting in late February.

A late night meeting on Wednesday thrashed out the terms of the deal but it is yet to be sanctioned by the Sydney Olympic board.

If the deal do go ahead, it means the former EPL and Euro 2004 star will be in Australia when Heart kick off their pre-season in April, and with the added benefit of five games under his belt. 

Earlier this week, Heart manager John Van't Schip told the club's website visa spots would be largely used for foreign striking talent, although he did not name names.  

"For the moment, we will be looking for the players upfront. That's where our focus is, looking for players we feel can bring a little bit extra, and that is the main thing we were looking for abroad in Europe," he said.

Heart football operations manager John Didulica admitted Giannakopoulos would fit the bill at the club but said no deal was on the table just yet.

"He fits the profile and we have been tracking him. He certainly would be a player of interest," Didulica told au.fourfourtwo.com today.

"His reputation precedes him so I don't think we'd need to scout him playing in Sydney if he does sign for Olympic."

Giannakopoulos ticks the boxes for Heart. He's a foreign attacking playmaker who also speaks English, has played at the highest level and will be acclimatised to Australia by April. 

Didulica added that Giannakopoulos would attract a wide spread of fans and not just those of Greece.

Giannakopoulos has been released from his contract with Greek Super League club Larissa and is now on the lookout for a new deal. 

The former Olympiacos attacking midfielder was one of the heroes for Greece in their 2004 European Championships triumph in Portugal and remains a fan favourite at EPL club Bolton, where he scored 20 times in 137 appearances.

Giannakopoulos last played in England for Hull City in the 2008/9 season before moving back to Greece in January last year.

In other Heart news, the club is still searching for a training and administration base with Didulica reiterating the club's desire to be based at one location.

And the club coaching staff lead by Van't Schip and assistants Ante Milicic and Jesper Olsen have now begun planning pre-season and other team issues.

Didulica added: "With the coaching team now working together, this is a tangible reminder that our first ever season is coming up this year."

For more info on Melbourne Heart, head to http://www.melbourneheartsyn.com.