Olympiakos must up their bid to land Blackburn Rovers attacker Mauro Formica.

The Lancashire Telegraph says Rovers are asking for at least £3.5million for Argentine playmaker Formica - with Olympiakos' attempts to get the 23-year-old on the cheap set for failure.

The Greek giants are understood to be ready to pay Rovers £2.5million for him in the summer, first taking him on loan until the end of the season.

Brazilian outfit Flamengo also yesterday joined the race for the in-demand Formica and are ready to attempt to sign him permanently now.