Governing body UEFA have handed the Greek club a three-year ban from the continental competition after their alleged involvement in a match-fixing scandal.
Olympiakos Volos were originally relegated from the Greek Super League amid the corruption affair, while the Hellenic Football Federation (EPO) also handed the club a 10-point deduction for the 2011-12 season.
Their satus in the domestic top-flight has since been reinstated, along with that of another implicated club, Kavala.
UEFA said in a media statement on Thursday: "Olympiakos Volos FC have been excluded from this season's Europa League and given a further three-year ban from UEFA competition, deferred for a probationary period of five seasons, after breaching Article 5 of the UEFA Disciplinary Regulations."
The club said they will appeal the decision.
Olympiakos
Volos were set to play Ligue 1 club Paris Saint-Germain next week in
the final play-off round before the Europa League group stage.
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