“Takis Lemonis took over the team in special circumstances and we thank him for his services,” said Olympiakos who added that he will be offered another post at the club.
Lemonis, 58, was hired for the fourth time by Olympiakos in September following the sacking of Albanian Besnik Hasi.
He led the Piraeus club to the top of the table after also guiding them to five championships in 2001, 2002, 2007, 2008 and 2017.
Garcia quit as coach of French first division side Saint-Etienne in November after five months in charge.
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