The Argentinian winger has dropped down the pecking order at the Hawthorns and he is looking for a move with several clubs chasing his signature.
Spanish reports claim that Olympiakos are interested in the 26-year-old winger but they will face competition from Spanish clubs such as Deportivo La Coruna and Villareal.
Also PAOK Salonica has been linked with Blanco recently but they seem to have cooled their interest.
Blanco moved to the Baggies last summer but he failed to establish himself into the first team. Despite the managerial change at the Hawhorns, the new West Brom head coach, Tony Pulis seems unlikely to give him more playing time.