A bonus of nearly a half-million Euros awaits Pargo if he helps his newest club win three titles this season.
Olympiacos is competing in the Euroleague Final 16, the Greek League and the Greek Cup, and the club's owner, Panagiotis Angelopolous, added the so-called Greek Triple Crown bonus in an effort to outbid at least three other suitors who were trying to acquire the former NBA guard.
Pargo will be in uniform for Olympiacos for its Greek Cup final against archrival Panathinakos on Feb. 21, replacing American Josh Childress (hernia). Pargo will continue to compete for Olympiacos in Euroleague games, where as many as six foreigners can be on a team's active roster, but he will have to earn a spot over American Lynn Greer on the team's Greek League roster after Childress returns toward the end of February.
Pargo's buyout with Dynamo Moscow was completed Monday after several days of negotiations, Pargo's agent, Mark Bartlestein, said.
Pargo signed a one-year, $3.5 million deal with Dynamo Moscow and received about $2.4 million of his money, much of it up front. But the club has run into financial problems and could be on the verge of losing another former NBA player, Bostjan Nachbar.
Olympiacos was interested in signing Pargo and/or James Posey last summer before ultimately signing Childress to a three-year, $20 million deal.
"The end result is that Jannero will leave Dynamo, sign with Olympiacos," Bartelstein told ESPN.com's Mark Stein. "He's going to a team in the Euroleague final 16 and the contract is basically unchanged from his original [Dynamo] deal."
Pargo will be free to return to the NBA this summer, although Angelopolous has told confidants in Greece that his plan is to convince Pargo to "leave the NBA forever and raise his child in (the seaside town of) Glyfada," one source close to Olympiacos told ESPN Insider's Chris Sheridan.
Last week, Olympiacos contacted the New York Knicks as part of their efforts to explore the possible acquisition of Stephon Marbury, but the rapidly changing events surrounding Dynamo Moscow pushed them in the direction of Pargo. Also, Olympiacos was facing a Tuesday night deadline to submit its roster for the first round of Euroleague final 16 games.
Chris Sheridan covers the NBA for ESPN Insider. Marc Stein covers the NBA for ESPN.com.