Both teams are just outside the automatic qualifying spots with three games played in the league phase - but both are performing below par on the domestic scene.
Match preview
Writing his name in club history, Spanish coach Jose Luis Mendilibar arrived mid-season in the 2023-24 campaign and promptly led Olympiacos to Conference League glory, securing a step up to UEFA's second-tier tournament this season.
En route to their final triumph over Fiorentina, the goals of Ayoub El Kaabi proved crucial, and the Moroccan striker has already made quite an impact on the Europa League, scoring twice in a 3-0 win over Braga before bagging the winner last time out.
His first-half strike against Malmo helped the Greek side claim a vital away victory late last month, taking them to within one point of the all-important top eight.
Olympiacos - who lost their opener 2-0 in Lyon - will now aim to make it three in a row when they meet Rangers, following back-to-back wins on the domestic front.
Just after knocking Athens Kallithea out of the Greek Cup, Mendilibar's men beat Panserraikos 2-1 in the Super League, with El Kaabi on target again; they are still fourth in the table, though, having lost twice so far.
While Olympiacos have won both previous home games against Scottish clubs - beating Dunfermline in 1968, and Rangers' arch-rivals Celtic six years later - history will not be on the visitors' side.
Rangers have yet to win in four visits to Greece and, all told, have won just one of eight meetings with Greek teams to date, so they will be up against precedent on Thursday.
Defying a dismal start to the Scottish Premiership season, the Light Blues have fared well enough in this term's Europa League, though: last time out, they thumped FCSB 4-0 at Ibrox, with Vaclav Cerny bagging a brace.
Philippe Clement's side also beat Malmo in Sweden, before suffering a 4-1 defeat to Lyon, so the outcome of trips to Piraeus and then Nice could prove decisive in their quest for a place in the last 16.
In the league, they have lost three of five away games so far, and it seemed last Sunday's League Cup semi-final meeting with Motherwell would go against them too; however, they quelled a chorus of boos by turning a one-goal deficit around after half time.
Cyriel Dessers and Nedim Bajrami struck during the second half at Hampden, meaning Rangers will defend their trophy against Old Firm foes Celtic next month - and, for now, under-fire Clement remains in charge.
Olympiacos Europa League form:
L
W
W
Olympiacos form (all competitions):
W
D
D
W
L
W
Rangers Europa League form:
W
L
W
Rangers form (all competitions):
W
L
W
W
L
W
Team News
Olympiacos have been plagued by a number of injuries this season, with high-profile signings Willian and Yusuf Yazici both consigned to the sidelines of late.
The former will not be available until January, while the latter is out for the rest of the campaign after suffering an ACL injury on his debut.
In better news for Jose Luis Mendilibar, Italian defender Lorenzo Pirola has returned from a layoff, while the improved form of Kristoffer Velde - who has just recorded three goal contributions in as many matches - should take some pressure off lone striker Ayoub El Kaabi.
Meanwhile, Rangers were able to welcome back a key player at the weekend, as Czech winger Vaclav Cerny started at Hampden, though fellow wide man Ross McCausland is a doubt for Thursday's game.
Brazilian striker Danilo made a brief cameo from the bench against Motherwell, while Ridvan Yilmaz and Rabbi Matondo are both back in training; Oscar Cortes is still on the treatment table.
Olympiacos possible starting lineup:
Tzolakis; Rodinei, Retsos, Carmo, Lirola; Hezze, Garcia; Martins, Chiquinho, Velde; El Kaabi
Rangers possible starting lineup:
Butland; Tavernier, Souttar, Balogun, Jefte; Barron, Raskin; Cerny, Lawrence, Bajrami; Dessers
We say: Olympiacos 2-0 Rangers
As Olympiacos are unbeaten at home, and Rangers are rarely at their best away from Ibrox, the hosts should prevail in this Europa League contest.