Kostas Papanikolaou has signed for Olympiacos on a two-and-a-half year deal after being waived by the Denver Nuggets.

After leaving Barcelona, at the conclusion of the 2013-14 season, Papanikolaou went Stateside and enjoyed a good start to NBA life with the Houston Rockets, averaging 4.7 points and 2.7 rebounds a game off the bench but following a trade that sent the Greek international to the Denver Nuggets, the forward was waived before being brought back.

On January 7, Papanikolaou was again waived by the Nuggets, leaving the door wide open to either Olympiacos or Barcelona, two sides that Papanikolaou played for before he began his NBA odyssey.

The Greek forward, who moved to Olympiacos from Aris in 2009 and won two Euroleague titles and a Greek League crown will stay in Piraeus until 2018.