Ernesto Valverde was confirmed as the new coach of reigning Greek Super League champions Olympiacos on Wednesday.The Pireaus club, who parted company with caretaker coach Jose Segura at the end of the season, announced they had agreed a deal with the former Espanyol boss.

"Olympiacos announces its agreement with coach Ernesto Valverde," read a brief statement on the club's official website.

Spaniard Valverde has reportedly penned a three-year contract worth around 4million euros.

The 44-year-old resigned from his post at Espanyol on Monday after two years in charge of the Spanish club.

Valverde, who had a year remaining on his contract, guided Espanyol to the 2007 UEFA Cup final, where they were beaten on penalties by Primera Liga rivals Sevilla.

Espanyol started this season well, but faded badly in the second half of the campaign to finish 12th in the table.

Valverde, who has also had a two-year spell in charge of Athletic Bilbao, is Olympiacos' third coach in 12 months after Takis Lemonis and Segura, another Spaniard, led the club to a domestic league and cup double this season.

Lemonis was sacked in March despite taking Olympiacos beyond the group stages of the Champions League for the first time in nine years and keeping them in the hunt for the league title and the cup, both of which they eventually won under Segura.

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