Emenike who has been deemed surplus to requirement at Turkish club Fenerbahce, arrived Greece this morning.
According to reports from Greece, the former Nigeria international will undergo a medical before signing for Olympiacos.
It is known yet how much Olympiacos paid Fenerbahce for the striker who the Turkish club were reportedly demanding €2m for.
Emenike and the likes of Robin van Persie and Moussa Sow are expected to leave Fenerbahçe this summer.
The striker has just a year left on his current Fenerbahçe contract. Last season the 30-year-old scored eight goals in 25 appearances for Fenerbahce.
He started his career at Delta State FC before playing at F.C. Cape Town, Karabükspor, Fenerbahçe, and Spartak Moscow.
He also had loan spells at Al Ain and West Ham United.