Both clubs will play eight games as part of the 36-team league phase, and after these fixtures the top-eight sides will automatically progress to the round of 16, while the subsequent 16 teams will compete in a playoff round in order to earn the right to continue in the competition.
Match preview
Lyon qualified for the Europa League thanks to their sixth-placed finish in Ligue 1 last term and beat Lens to the final qualification spot by just two points.
The hosts last competed in the Europa League in 2021-22 and that season was also their most recent campaign in any European tournament.
Les Gones were eliminated from the 2021-22 edition of the competition when they lost 4-1 on aggregate against West Ham in the quarter-final in April 2022.
To their credit, Lyon's recent record in the Europa League is strong given they have won six, drawn three and lost only one of their last 10 games.
However, manager Pierre Sage has come under pressure recently for his side's poor form, with the club having lost three times, drawn once and won just once in their five competitive fixtures this season despite creating the fifth most xG of any of the 18 top-flight teams in Ligue 1.
Sage's team are 14th in the Ligue 1 table with just four points from five games and are only two points above last-placed Angers and lost 3-2 last time out against Marseille on September 22.
Lyon's home form is also poor considering they have lost three of their four most recent matches at Groupama Stadium, though they did win the prior four games at home.
Opponents Olympiacos finished third in the Greek Superleague's championship playoff group last season and this would have qualified them for the Europa League irrespective of their Conference League triumph.
The visitors were actually eliminated from the Europa League last term after they finished third in the group stage but were then transferred to the Conference League, a competition in which they won seven and drew two of their nine matches.
En route to winning the tournament, Olympiacos beat Unai Emery's Aston Villa 6-2 on aggregate in the semi-final in May and Fiorentina 1-0 in the final on May 29.
Boss Jose Luis Mendilibar's side are currently third in the top flight with 10 points from five league games, although they did lose 2-1 last time out against Aris on September 21.
Mendilibar's team have won two of their last three away games this season, and have won three, drawn one and lost two of their last six matches on the road.
Olympiacos' form in the Europa League is poor, with the side having lost three times, drawn on five occasions and won just once in their nine most recent games.
Lyon form (all competitions):
Olympiacos form (all competitions):
Team News
Lyon come into the clash with no injury concerns and manager Sage should be able to choose an XI from a healthy squad.
During their loss against Marseille, Les Gones were set up in a 3-5-2 formation with Duje Caleta-Car operating as his team's middle centre-back, and he could do so again on Thursday.
Former Chelsea and Manchester United player Nemanja Matic could shield the defence from the base of midfield, and he may be joined in the centre of the pitch by Corentin Tolisso and Maxence Caqueret.
Up front, Gift Orban and Alexandre Lacazette are likely to start together given they have done so in Lyon's past two games.
As for the visitors, they will be without attacker Giorgos Masouras for another few weeks, while centre-back Panagiotis Retsos has picked up a muscle injury but the timeframe on his return is not yet known.
Olympiacos boss Mendilibar opted to use a 4-2-3-1 structure in his side's last outing, and he could do so again on Thursday with Ayoub El Kaabi leading the line.
Santiago Hezze is certain to feature in the double pivot, and he could be partnered by Dani Garcia, who played alongside him in his team's 2-1 defeat against Aris.
In defence, centre-backs David Carmo and Andreas Ndoj will be trusted to protect goalkeeper Konstantinos Tzolakis.
Lyon possible starting lineup:
Perri; Mata, Caleta-Car, Tagliafico; Maitland-Niles, Caqueret, Matic, Tolisso, Vinicius; Orban, Lacazette
Olympiacos possible starting lineup:
Tzolakis; Rodinei, Ndoj, Carmo, Ortega; Hezze, Garcia; Martins, Chiquinho, Velde; El Kaabi
We say: Lyon 1-1 Olympiacos
Lyon will be looking to bounce back from their defeat last time out and could begin the match intensely and may score the game's opening goal.