Olympiakos have been dumped out of the Greek Cup before the last 16 by Panserraikos after being beaten 3-1 by the club from northern Greece on Tuesday.

AEK and Iraklis joined Olympiakos on the list of losers, as all three bowed out to lower league opponents.

Serres opened the scoring in the 17th minute through Leozinho who was first to react after his initial shot hit the post.

Olympiakos coach Zico had rung the changes in his side but the Reds looked sluggish and were not able to create a single chance in the first half.

The second half saw more changes for the cup holders but it was Panserraikos who scored first, Stefanos Athanasiadis heading in just seven minutes after the restart.

Olympiakos managed to pull one back in the 66th minute through a Costas Mitroglou header.

Any chance of a comeback by the Reds ended in the 83rd minute when the home side won a penalty and Avraam Papadopoulos was sent off for handling the ball on the line.

Lucas Rimoldi tucked away the spot kick to send Panserraikos through to the last 16 and ensured another famous giant killing act after they put Panathinaikos out last season.

There is a rumour that the loss may be overturned as it was revealed that Panserraikos illegally fielded one too many foreigners for the final minutes with its final substitution.

AEK was the other big name of Greek football to go out to a second division team, while Iraklis succumbed to a third-division club.

Thrasyvoulos, who last summer got relegated from its sole season ever in the top flight, held AEK to a goalless draw over the 90 minutes to force extra time.

The Fyli club had threatened AEK in regulation time, but but barely threatened their more fancied opponents in extra time.

AEK did miss several chances in the second half, with Nacho Scocco and Ismael Banco proving wasteful in the opportunities they were given to put AEK ahead.

Then suddenly Stathis Karamalikis gave Thrasyvoulos the lead at the 14th minute of extra time against the run of play.

After Thrasyvoulos’s goal AEK did little to threaten the hosts’ goal and Thrasyvoulos managed a historic victory.

An angry AEK manager Dusan Bajevic said after the match that there are five players who will not play for AEK again for as long as he remains on the club’s bench.

Reports suggested that he later made an obscene gesture to AEK fans who jeered at him as the squad’s coach was leaving Fyli.

There were also reports of some 150 AEK fans expecting the squad at the club’s training centre in order to express their fury.

Iraklis are the sixth Super League team to fall at the first hurdle and go out of the Greek Cup.

Trikala, the second third-division club to make the last 16 of the Cup after Kallithea, took the lead at the 17th minute through Giorgos Savvidis.

Iraklis were unable to challenge their hosts who could have easily doubled their lead in the second half.

They also played for more than half an hour with a man’s advantage as Giorgos Katsikas left Iraklis with 10 men at the 57th minute with a second yellow card.

Consequently, the fifth round of the Greek Cup will include just 10 Super League clubs, four teams from the second division and two from the third.