Olympiacos Piraeus won the Euroleague championship on Sunday, as MVP Vassilis Spanoulis scored 15 points and assisted on the game-winning basket in a 62-61 victory over CSKA Moscow.

Olympiacos rallied from a 19-point deficit, capped by a jumper from Georgios Printezis to seal the win.

Spanoulis was named MVP for the second time in four seasons.

Andrei Kirklenko and Nenad Krstic of CSKA headline the 2011-12 All-Euroleague First Team. Joining them are Dimitris Diamantidis of Panathinaikos, Erazem Lorbek of Barcelona and Vassilis Spanoulis of Olympiacos.

On the All-Euroleague Second Team are Mike Batiste of Panathinaikos, Henry Domercant of UNICS Kazan, Bo McCalebb of Siena, Juan Carlos Navarro of Barcelona and CSKA's Milos Teodosic.

CSKA Moscow and Olympiacos will meet in the Euroleague Final Four title game on Sunday after both were victorious in their semifinal matchups.

CSKA came back from a four-point deficit to begin the fourth quarter to beat Panathinaikos by a final score of 66-64.

Andrei Kirilenko had 17 points, nine rebounds and four blocks for CSKA, while Alexey Shevd had 15 points off the bench.

Saruna Jasikevicius led Panathinaikos with 19 points, while last year's MVP, Dimitris Diamantidis had 10 points and six assists.

In the other semifinal game, Olympiacos defeated Barcelona by a final score of 68-64.

Vassilis Spanoulis had 21 points and six assists to lead Olympiacos.

Juan Carlos Navarro scored 18 points for Barcelona.

Andrei Kirilenko initially wrestled with whether to sign with CSKA Moscow.

“I had a lot of doubts but a number of factors came into the picture, most of all the fantastic team chemistry at CSKA and my desire to mold with the core of the Russian national team vying for an Olympic berth,” Kirilenko said. “In the end I decided to stay because the exertions in the Euroleague, where you are allowed to have a dip in form, are less demanding than those in the NBA where you sometimes play five games a week and have no time to recuperate.”

Kirilenko helped CSKA into the Euroleague Final Four round, which begins Friday.

”I am very excited to be back and after winning the 2007 European Championship with Russia, I now want to win Europe’s premier club competition too and especially so because this is something of an uncharted territory for me,” Kirilenko said.

Kirilenko will decide his future at the end of the season.

“I have a huge history with the Utah Jazz and they are a priority for me among the 30 teams competing in the NBA, while CSKA are just as close to my heart in Europe and when the Final Four is over I will weigh my options and make a decision,” Kirilenko said.

The Nets have monitored the play of Andrei Kirilenko throughout his season with CSKA, according to sources.

But the sources say the Nets don't have a verbal agreement with Kirklenko on a three-year contract.

Wendell Maxey reported earlier in the week that the Nets had an agreement in place with Kirilenko.