The veteran midfielder is due to arrive back in London this week, after his contract with the Greek club was terminated by mutual consent on Monday.
It is thought that Toure is confident that he can play to the level required in the Premier League, and hopes to continue his career back in England.
According to 'Sky Sports News', the Ivorian's 'pay as you play' contract at Olympiakos proved difficult for the Greek club, as they had started to come under increasing budget restrictions.
Toure only managed five appearances on his return to the club, which he represented for one season earlier on in his career, winning a domestic double with the side.
It is also being claimed that the 35 year old has already turned down renewed interest from the MLS and the Chinese Super League.
His family home is now in London, and he is said to have been maintaining his fitness, in spite of last playing a competitive match back at the start of November.
Should Toure return to the English top flight, he faces the prospect of playing against former club Manchester City; where he is hailed as a legend, for having a key role in winning three Premier League titles, an FA Cup and two league Cups during his time with the club.