Sources close to the deal have told au.fourfourtwo.com that the former Bolton Wanderers star has agreed to terms with the NSW Premier League club but will keep his options open in the meantime.

The deal is understood to be for five games at $20,000 per match which would commence from the first round of the league on the weekend of February 27/28.

If the move came off, it would give A-League teams a chance to see the former Bolton, Hull and Olympiacos star up close with a view to potentially signing him for season six of the competition.

If the Giannakopoulos deal fell through, it's understood midfielder Angelos Basinas is another player that is in the frame for a stint with the ambitious former NSL club.

Like Giannakopoulos, Basinas was one of the heroes for Greece in their European Championships triumph in 2004.

It's believed another star of the Greece 2004 side, Giannis Goumas, was also offered terms but his asking price was too much.

Giannakopoulos, 35, is negotiating a release from his contract with Greek Super League club Larissa and is currently looking 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 signing a year and a half deal with Larissa.

In mid-2009, Sydney Olympic also made headlines by signing former Manchester United and Chelsea keeper Mark Bosnich on a short-term deal.

The NSW Premier League club is based at Belmore Oval in Sydney's inner-west.