It represents a sour end to a move that the Belgian forward had long sought as a way to resurrect his career, particularly in view of the upcoming World Cup Finals in Russia this summer.
Having battled to hold down a first-team place at Everton in the latter half of last season, Mirallas agitated last August for a transfer back to the club from which Everton signed him in 2012.
Then-manager Ronald Koeman refused to sanction a loan move but after being sent home from training by interim boss David Unsworth in November, Mirallas was eventually granted his wish during the January transfer window, returning to Olympiakos to a hero's welcome.
The poor form that cost him a regular role at Goodison Park followed him to Greece, however, where his temporary employers appear to have finally run out of patience and sent him back to Finch Farm despite the fact that the season isn't yet over.
If the reports from his native Belgium are true, they effectively end his hopes of earning the permanent move back to Olympiakos that he was hoping for when he re-joined them a few months ago.