The Ivorian midfielder has been without a club since leaving Manchester City at the end of last season.
The player has been tipped to join Arsenal, Tottenham or Fulham in order to remain in England topflight.
His agent, Seluk had earlier hinted at a London move by tweeting, “Toure @YayaToure has passed a medical in London. Yaya is close to signing a new contract.”
He then ruled out a move to Crystal Palace or West Ham, fueling talks that Arsenal could be about to win the race for his signature.
But the Mirror UK now reports that Toure is instead set to continue his career in Greece with Olympiakos.
The Ivory Coast international moved to the Greek side in 2005 and won the double.
He then moved to Monaco a year later after enjoying a fine tournament at the 2006 World Cup.
The newspaper said that Toure will earn £2m after tax at Olympiakos
However, he will not be registered for Olympiakos’ crunch Europa League clash against Burnley on Thursday night.
Earlier, Football London journalist, Charles Watts had insisted that the player will not be moving to Arsenal.
He tweeted, “I’m sure none of you are thinking this Yaya Toure stuff has anything to do with Arsenal, but just in case there is any doubt – If he is moving to a London club, it is certainly not Arsenal.”
Olympiakos lead Burnley 3-1 on aggregate after a brilliant first-leg display.