Coventry are willing to pay approximately €5m-plus in bonuses — significantly more than PAOK Thessaloniki's bid of just over €2m, which had appeared to be the agreed destination for the Greece international.
Greek outlet Sport Dog reports that Coventry manager Frank Lampard is particularly keen on the 30-year-old, who wants to leave Augsburg two years before his contract expires and has been in advanced discussions with PAOK about a return to his homeland.
The €5m offer from Coventry would comfortably exceed Augsburg's previously stated minimum of €3m, turning a seemingly concluded PAOK deal into an open bidding situation. Hull are also in contention though described as less advanced than Coventry in their pursuit.
The key unknown is Giannoulis himself. He had a largely unhappy experience at Norwich City between 2021 and 2022 and is reported to be hoping for a move to Greece rather than returning to England. Whether Coventry's Premier League appeal and significantly superior financial package can change that preference will determine how this situation resolves.
Giannoulis has been a dependable operator at Augsburg since 2022 and brings experience of both the Bundesliga and international football with Greece.