The club were played their 10th consecutive season in the UEFA Champions League.

Manager Trond Sollied left the club by mutual consent on December 29, 2006 due to the club's lower-than-expected performance of the team in the UEFA Champions League, and was replaced by Greek Takis Lemonis.

[1] Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Source: Competitive matches All times at EET

All times at CET Supplier: Puma[4]Sponsor(s): Vodafone[5] Source: Olympiacos FC