The last time the Magpies played a team from Greece they drew 1-1 with Olympiakos in the Algarve a couple of weeks ago - and then managed to draw a penalty shoot-out
But Newcastle went on to win the tournament by beating Braga a couple of days later.
Olympiakos 1 Newcastle Utd 1
United had taken the lead in normal time through Steven Taylor only for Kostas Mitroglou before the game ended in a 4-4 shoot-out.
United had their first glimpse of goal on 10 minutes when Davide Santon pumped in a free-kick and Shola Ameobi - who was captain for the night - forced ex-Manchester United keeper Roy Carroll into a good save low down.
Five minutes later Obertan and Shola Ameobi worked the ball wide on the left but Haris Vuckic struck it straight at the keeper.
Ameobi then won a free-kick on 18 minutes but Romain Amalfitano put too much purchase on the free-kick.
Tim Krul was tested on 22 minutes when Luis Santo struck a shot from outside the area but he gathered well.
Davide Santon forced a corner on 25 minutes and Amalfitano forced Carroll to claw the ball away, but Dan Gosling picked up the pieces to curl the ball back in and in the resultant scramble after the ball had hit Obertan it was Steven Taylor swept home from close range.
Marinaldo da Silva was next to test Krul's resistance with a powerful free-kick but the Dutchman saved with his legs.
United made a precautionary change on 36 minutes when Dan Gosling was replaced by Mehdi Abeid.
And after a 45 minute comeback, Steven Taylor was replaced by Geordie boy Paul Dummett for the second half.
The second period started with a long range dig at goal from Kostas Mitroglou.
Newcastle attempted to double the scoreline when Obertan slipped the ball to James Perch with Carroll having to turn the ball wide.
Krul was called into action with 19 minutes left when Djamel Abdoun cracked a shot at goal but the Dutch international gathered well.
Olympiakos were reduced to 10 men when Francois Modesto was sent off for a wild challenge on Amalfitano.
But the 10 men equalised with 11 minutes to go when Kostas Mitroglou stroked home the in the box to tie things up after a left flank attack after Abdoun's dangerous pass.
That set up a penalty contest.
Djamel Aboun opened the scoring by chipping the ball down the middle to make it 1-0.
Papiss Cisse then blazed the ball over before Maniatis beat Krul to make it 2-0.
Haris Vuckic pulled one back with a well taken kick.
Pantelic sent Krul the wrong way and it was 3-1 before Amalfitano reduced arrears.
Then Jose Holebas edged Olympiakos 4-2 ahead.
James Perch made it 4-3 before Krul saved from Andeas Tatos.
That left Mehdi Abeid to make it 4-4 and keep Newcastle in contention to win the tournament.
Victory against Braga will seal it or goals scored will be used to determine the champions.
UNITED: Krul, Perch, Williamson, S.Taylor (Dummett 46), Santon, Obertan (Sammy Ameobi 72), Bigirimana, Gosling (Abeid 36), Amalfitano, Vuckic, Shola Ameobi (Cisse 72)
OLYMPIAKOS: Carroll, Papazoglou, Fejsa, Rafik, Fetzatzdis, Dimitris, Claude, Vlahodimos, Da Silva, Luis Santo, Vasileios