Theo Papaloukas is an Olympiacos player again.

The Greece international, one of his country's most famous basketball sons, has sealed a move back to his former club from CSKA Moscow to join the Reds' revolution under the Aggelopoulos brothers.

Papaloukas, following an undisclosed transfer fee, has signed a three-year contract that will reportedly pay him three million euros per season.

"A circle closed for me, another one is opening," Papaloukas said.

"I hope that this new one will be as significant as the previous one. I'll do my best for this."

Papaloukas has won titles in Russia - both the Superleague and Russian Cups - and also clinched two of the last three Euroleague titles with CSKA.

The Russian giants also finished runners-up in Europe to Panathinaikos after a thrilling championship showdown in Athens in 2007.

Panathinaikos have dominated the Greek scene, winning the last six domestic titles and 10 of the last 11.

Olympiacos have a proud history, having triumphed in the championship in Greece every year from 1993 to 1997.

They have won none since, however, although the Reds did push Panathinaikos to five games in each of the last two play-off final series.

The last trophy Olympiacos won was the Greek Cup in 2002 when Papaloukas was on the team.

There has been a renewed sense of hope at Olympiacos since the arrival of national team boss Yannakis as the replacement for Pini Gershon on the eve of the Euroleague Top 16.

Now that Papaloukas, and several other young Greece internationals are in the fold, Olympiacos look like they have leveled the playing field.

"Everything points to Olympiacos being on the right track," said Papaloukas, FIBA Europe's Player of the Year in 2006.

"The way that the Aggelopoulos brothers approached me and the presence of Panagiotis Yannakis were good enough reasons to say ‘yes' to Olympiacos.

"The most important thing is what's going to happen from now on, not what happened the last time I played here."

If Papaloukas is a living legend in Greece because of his prominent role with the country's national team, leading them to gold at EuroBasket 2005 and silver at the 2006 FIBA World Championship in Japan, he is held in equally high esteem by fans of CSKA where he played for Dusan Ivkovic and then Ettore Messina.

"I want to thank Mr Kouschenko and Mr Ivkovic who six years ago gave me the chance to play at CSKA," he said.

"Without them, it would be impossible for me to live what I have lived all these years in my career.

"I also want to thank Mr Vatoutin and Mr Messina. They both supported me and offered everything to me.

"Whatever happens in the future, CSKA will always have a place in my heart and in my mind. I want to thank everybody there. My team-mates, all the people close to the team and the fans."

The Olympiacos fans will welcome Papaloukas with open arms.

"The fans of Olympiacos are an enormous power," Papaloukas said.

"The last six years I got used to playing in a different environment. I missed the fans of Olympiacos but I didn't miss at all the ugly scenes that we sometimes see in the Greek championship.

"We must all together make a big effort to change things for the better."