Transfer news: Arsenal and Liverpool target Konstantinos Mitroglou signs new Olympiakos deal

Greek striker no longer a bargain buy in the next transfer window

Konstantinos Mitroglou, the free-scoring Greek striker reportedly being tracked by a host of Premier League clubs including Liverpool and Arsenal, has signed extended his contract at Olympiakos.

His red hot form this season and previously low buyout clause had seen Mitroglou attract the attention of several clubs looking to pick up a reasonably priced striker in January.

However the forward has added a further 12 months to his current deal with the Greek club and renegotiated the buyout clause.

It is understood that the new clause ensures the club will not block any potential big move for the forward but has no specified buy out price, meaning Olympiakos will now be able to receive a transfer fee more reflective of the player's true value.

Mitroglou has been in fantastic form this season, scoring 21 goals in 21 games and propelling Olympiakos into the knockout stages of the Champions League where they will face Man United.