Greek police have unearthed "Female head," a painting by Spanish artist Pablo Picasso that was stolen more than nine years ago from the National Gallery in Athens.
A 49-year-old man was alleged to be the thief, Greek media reported on Monday evening.
The Picasso painting was found together with another - damaged - work by Dutch painter Piet Mondrian in a warehouse about 50 kilometres from Athens.
The Culture Ministry in Athens confirmed the find.
More details are to be revealed during a press conference on Tuesday.
Police resumed investigations last February, after experts believed that "Female head" never turned up on the black market and therefore never left Greece.
The painting is estimated to be worth 16.5 million euros ($A26.1 million).
But it has another special significance for Greece, as it was given to the country by the artist personally to reward resistance against the Nazis during World War II.
Australian Associated Press