The Nigeria international was linked with a departure from the Greek champions last summer, but Olympiacos opted to retain the left-back.
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According to transfer expert Ekrem Konur, the club are now prepared to consider offers for Onyemaechi, although they want around €6 million for the 27-year-old.
Olympiacos signed the defender from Portuguese side Boavista for approximately €2 million in January 2025 and are seeking a significant profit on their investment.
However, Betis have yet to submit a formal offer, with no active negotiations currently taking place between the clubs.
Onyemaechi is no stranger to interest from Spain, having previously been linked with La Liga sides Las Palmas and Getafe during his spell at Boavista.