However, a place in the Europa Conference League is still up for grabs, Olympiacos needing to avoid defeat and Backa Topola knowing that only a win will do if they are to extend their continental schedule.
Match preview
Although Olympiacos were underdogs to qualify from Group A, they would have at least expected to be competitive against the likes of West Ham United and Frieburg.
Despite beating the latter in their home clash, the Greek giants have accumulated just one point from their other four fixtures, leaving Diego Martinez's side eight points adrift of the top two with one match to play.
All things considered, it has been a hugely disappointing effort, yet Martinez and his talented squad will feel that they can go deep in the Europa Conference League if they can avoid defeat on Thursday night.
That is far from a foregone conclusion, though, with just four wins coming from 10 matches in all competitions and a 2-2 draw being posted at Volos NFC in their last league game.
Olympiacos sit in fourth position in the Greek top flight, three points adrift of top spot, but they will want to ensure that they do not just have domestic action to look forward to after Christmas.
Europa League newcomers Backa Topola have done themselves justice in the majority of their group-stage fixtures, only under-performing in a 5-0 reverse against Freiburg in Germany.
The Serbian side have showcased their qualities by taking the lead in other games against West Ham United and Freiburg, as well as netting a last-gasp equaliser in the reverse contest versus Olmypiacos.
Nevertheless, Zarko Lazetic's side have reached this stage with just one point to their name and requiring all three points if they wish to drop down into the Europa Conference League.
While their domestic form has been less than convincing, TSC head into this game with three clean sheets in a row and sitting in third spot in the Serbian Super Liga.
Olympiacos Europa League form:
W
L
D
W
L
L
Olympiacos form (all competitions):
L
L
W
W
L
D
Backa Topola Europa League form:
L
D
L
L
L
Backa Topola form (all competitions):
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Team News
Despite being withdrawn with an injury at Frieburg at the end of last month, Daniel Podence has been declared fit for Olympiacos.
The Wolverhampton Wanderers loanee may get the nod over Pep Biel on the flank, but Stevan Jovetic is unlikely to be risked despite having recently returned to training.
After an 11-day break, Martinez could opt to select the same team from the fixture with Volos NPS on December 3.
Meanwhile, Lazetic may name the same TSC starting lineup from their last domestic outing, which would see them start with a 5-3-2 formation.
If a change is made, it could come in attack with Marko Rakonjac an alterative to Uros Milovanovic.
Olympiacos possible starting lineup:
Paschalakis; Rodinei, Biancone, Retsos, Ortega; Fortounis, Iborra, Camara; Biel, El Kaabi, Masouras
Backa Topola possible starting lineup:
Ilic; Vlalukin, Calusic, Krstic, Antonic, Petrovic; Radin, Kuveljic; Cirkovic; Jovanovic, Milovanovic
We say: Olympiacos 2-0 Backa Topola
Having pushed West Ham in their most recent European fixture, Backa Topola will feel that they are capable of upsetting the odds in Greece. Nevertheless, Olympiacos need a response of their own, and we are backing Martinez's side to churn out a professional win on home territory.