PIRAEUS, GREECE - MARCH 12: (FREE FOR EDITORIAL USE) In this handout image provided by UEFA, Pedro Martins, Manager of Olympiacos FC reacts during the UEFA Europa League round of 16 first leg match between Olympiacos FC and Wolverhampton Wanderers at Karaiskakis Stadium on March 12, 2020 in Piraeus, Greece. The match is played behind closed doors as a precaution against the spread of COVID-19 (Coronavirus). (Photo by UEFA - Handout/UEFA via Getty Images)
No financial details of the contract were revealed but Greek media reported that the 49-year-old would receive 900,000 euros ($974,865) plus bonuses each season.
Martins has coached the 44-time Greek champions the last two seasons, and his side finished the regular season unbeaten at the top of the league.
His side awaits the post-season playoffs, which were postponed due to the coronavirus pandemic but are expected to resume soon.
Martins has also led Olympiakos to the last 16 of the UEFA Europa League and to the semi-finals of the Greek Cup.
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