The 23-year-old attacking midfielder, who has scored 25 goals in 53 games for the club, had been linked with a move to the Premier League with Arsenal and Tottenham Hotspur reportedly tracking him on the back of the best season of his career.
“I would like to thank the president, I’m delighted that I’ll continue my career here and I’ll give everything to make sure we are always champions and win trophies,” Fortounis said in a club statement.
Fortounis, who has scored twice in 19 games for his country, was the Super League’s top scorer with 18 goals from midfield last season.
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He became only the third player in his club’s history to record double-digit figures for goals and assists in a season to spearhead Olympiakos’ march to a 43rd league crown.
Olympiakos have also agreed a contract extension to keep promising midfielder Andreas Bouchalakis at the club until 2020.
(Reporting by Graham Wood, editing by Ed Osmond)
