Rodriguez spent the 2020-21 season with the Toffees before joining Qatari side Al-Rayyan last year, but will now return to Europe.
The 31-year-old attacking midfielder was a star player at Real Madrid and won two La Liga titles and two Champions League titles during his time at the club.
He also spent two years out on loan at Bayern Munich, lifting the Bundesliga trophy twice.
‘James Rodriguez to Olympiacos, deal set to be completed!’ Transfer expert Fabrizio Romano said.
‘Been told that the Colombian star will fly to Greece today – medical scheduled, there’s verbal agreement in place on loan deal.
‘If all goes as planned, James will sign later today. Here we go soon.’
Rodriguez made a name for himself at the 2014 World Cup, helping Colombia reach the quarter-finals for the first time ever.
They defeated Uruguay in the last 16 with Rodriguez scoring a now world-famous goal, which saw him win that year’s Puskas Award.
Rodriguez scored six goals at the tournament, seeing him pick up the Golden Boot.
In total, he has scored 24 goals in 86 caps for his country and also helped them to a third-place finish at the Copa America in 2016.
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