The Egypt international is currently on-loan with Besiktas, but a release from his contract is now being considered.
Sportime in Greece says Olympiakos are watching developments closely and prepared to move for the midfielder once his wrangle with Besiktas is settled.
With the season due to resume in Turkey, there's confusion around whether Elneny will be part of the Besiktas squad for the restart.
Besiktas' board is in the process of cutting their budget for next season and are set to allow the Gunners midfielder to depart.
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