Zagorakis torn over future
Zagorakis was named as the best player at Euro 2004 and has attracted a host of interest across Europe after being released by debt-ridden AEK Athens.
Levante, who recently concluded a deal for Ian Harte, are confident of landing the industrious former Leicester midfielder.
''The negotiations are at an advanced stage and will continue on Thursday,'' read a statement on Levante's website.
However, reports from Italy suggest Bologna are the firm favourites to land the 32-year-old.
The player's agent has conceded that his client is in talks with the Serie A outfit and that he is confident a deal can be concluded.
''If we are here, it is because we can do something,'' he confirmed. ''But details are details.''