The monastery is located on Mount Driskos, near the settlement of Vasiliki. It has been associated with the monastery of Saint Nikolaos of Mount Athos, which refers to a gold bull (chrysobull) of the Byzantine emperor Andronikos II of the year 1321. An engraved inscription on the west side of the katholikon mentions the construction of the present phase in 1583, while its fresco was made in 1663.

The katholikon is a single-nave barrel-vaulted church with a narthex. Its frescoes depict an important renewal of the 17th century with strong influences from the Baroque art. Part of the cells and the courtyard are preserved.

The poet Lorentzos Mavilis was assassinated near the monastery and the leader of the Garivaldini corps, Alexandros Romas, was wounded.