Olympiakos’s Argentine midfielder Fernando Belluschi is likely to leave the Greek soccer champion and head to Portugal.

Reports in the Greek press yesterday suggested that the “hippie,” as is his nickname at home, will be joining Portuguese champion FC Porto in a 10-million-euro deal.

Olympiakos holds just 50 percent of the player’s rights (with the remainder belonging to Belluschi’s agent), so it is set to land 5 million euros. A report from Portugal put Olympiakos’s share of the spoils at 7 million euros.

Belluschi cost Olympiakos 7.5 million euros a year-and-a-half ago, when he moved from Argentina and his performances last season have apparently convinced Porto to poach him.

The Reds are determined to put that money back into the transfer market, as they are eager to buy Sweden’s Kim Kallstrom. The midfielder, who belongs to French side Lyon, has 62 caps with Sweden and is a left-footed playmaker – the very thing Olympiakos needs after the retirement of its former captain Predrag Djordjevic.

Another issue for Olympiakos is the health of its recently acquired striker Matt Derbyshire. The 23-year-old has suffered an injury that may require surgery. Further tests this week are expected to indicate the severity of his case.