It appears as though he has been gazumped by former Leeds United owner Andrea Radrizzani.
The Italian is said to be in advanced discussions to buy the historic club, per reports in Brazil.
Radrizzani gave up control of Leeds United to 49ers Enterprises last year and is ready for a new venture.
Speaking to Sky Sports recently, Marinakis explained: "There are discussions, and what I can say is that whatever I want to get involved in needs to be something major.
“The tradition is very important and it always makes more sense to me to manage or to own."
Marinakis is bringing in former Arsenal sporting director Edu Gaspar to run his multi-club network.
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