Destiny is out of Olympiacos' hands, with the Greek champions sitting third in Group A heading into their final matchday fixture against Malmo.
Olympiacos (six points, -5) are six points adrift of group leaders Atletico Madrid (12 points, +11) and three behind Juventus (nine points, +3) after last month's 4-0 drubbing in Madrid.
However, there is still hope for the Greek giants.
A win against Swedish outfit Malmo at the Georgios Karaiskakis Stadium and a Juve loss to Atletico would see Olympiacos through to the last 16 due to their superior head-to-head record.
Olympiacos beat Juve 1-0 in Athens in October, while the Italians were 3-2 victors in November.
The 41-time Greek Super League champions form leading into the deciding fixture has left plenty to be desired.
Olympiacos are four points off top spot after losing 2-1 to leaders PAOK midweek and surrendering a lead in the 88th minute to draw 2-2 at home to PAS Giannina on Saturday.
"We have shown a bad image today. I will not comment on whether we deserve the result," said Olympiacos coach Michel, whose team is seeking to complete a clean sweep of home wins for the first time since 2009-10 following victories over Atletico and Juve.
"We showed weaknesses and a team like Olympiacos does not deserve this picture. The opposing team made three shots, put two goals and the second we received from counterattack.
"This shows that we were not in the game, we did not get into the game."
While all eyes will be on Olympiacos, Swedish champions Malmo can still snatch third spot and a UEFA Europa League berth.
Victory for Malmo against Olympiacos would put the Swedes into third, having upstaged the Greeks 2-0 for their only points of the campaign on matchday two.
Malmo wrapped up back-to-back titles on November 1 and have been out of action since edging Halmia in the Svenska Cupen on November 15.
"We believe we are well towards Malmo," said Michel. "Of course we must take into account the opponent."
Olympiacos midfielder Pajtim Kasami added: "We had a bad result but must look ahead to the game Tuesday, concentrate on it, the victory is all that counts."
Malmo will be without Erik Johansson for the trip to Greece after the defender was sent off against Juve.
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