The Greek defender, who memorably scored the winner at Sunderland in 2002, hasn’t played in the first team since his four minutes as a late substitute at Leeds United in February and has previously stated that he is unhappy with the situation.
He has previously been linked with moves to Portsmouth, Blackburn Rovers and Herenveen, but has now started training with his former club primarily in order to keep his fitness levels up ahead of international duty - but he has hinted that a return to Olympiakos would interest him.
"At the moment I'm just going back to train with Olympiakos, but I certainly wouldn't rule anything out concerning a move in the future," Dabizas told The Journal.
"I'm 29 and I'm used to being a mainstay in the team. That is why I need to move, but ultimately it is whoever will pay the fee that Newcastle want for me.
"I want to be an integral part of the first-team again. Olympiakos are a very good club who are always winning trophies.
"They are regulars in the Champions League and having tasted that with Newcastle this season, that is where I want to be at this stage of my career.
"I'll spend this week with them and then concentrate on the international game. We'll see what happens after that."