The warm-up will be on Sat August 6, a week before we kick off the new season at home to West Brom, and will be City's only friendly at Sportcity.
Olympiacos almost put eventual winners Liverpool out of the Champions League last season and are likely to be in contention again next time round.
Their line-up features four of the Greece team that won Euro 2004 and
Brazilian star Rivaldo, formerly of Barcelona and AC Milan.
City attracted Barcelona to Manchester to open the new stadium before the
2003-04 season and last year welcomed Italian giants Lazio for what has become a traditional curtain raiser, with City winning on both occasions.
The club have generously reduced ticket prices to £12 for adults and £5 concessions.
City's first friendly is at Tranmere on Friday July 15 with another line-up at Macclesfield the following afternoon.
The Blues then jet off to Thailand for the Premier League Asia Trophy, playing against Bolton, Everton and a local representative side.
We're then at Stoke on Sat July 30 while another City XI will play Sheffield Wednesday the following day at Hillsborough.