Br azilian midfielder Flavio Conceicao is expected in Athens on Tuesday to complete his move from Turkish club Galatasaray to Panathinaikos.
A spokesman for Panathinaikos said the deal should be finalised in the next couple of days.
The 31-year-old, who has 47 caps for Br azil and won the Champions League with Real Madrid in 2002, is due to sign a three-year deal worth 1.5 million euros ($1.85 million) a year. The transfer fee is 500,000 euros.
His arrival at Panathinaikos is likely to hasten the departure of Greek international Angelos Basinas who has been linked with a move to English Premier League side Manchester City.
Panathinaikos coach Alberto Malesani has signed a two-year extension to his contract which will keep him with the club until 2007.