Azzedine Ounahi is edging closer to a return to Panathinaikos after the Athens club offered him the highest salary in its squad, with an agreement reportedly taking shape with Girona over a loan deal that includes a mandatory purchase clause worth €25m.
The Morocco midfielder has re-emerged as a key name during the final stages of the summer transfer window, with Panathinaikos considering a move for a player who spent last season on loan at the Greek club.
However, the transfer has not yet been completed. There has been conflicting information about Girona’s position, with the Spanish club still holding Ounahi’s contract and currently competing in Spain’s second tier.
French website Foot Mercato reported on Tuesday that Ounahi is preparing to make a strong return to Panathinaikos after an impressive loan spell in Athens during the 2024-25 season.
Ounahi’s performances during that period have prompted renewed interest from his former club. At the same time, Ajax Amsterdam had been making significant efforts in recent days to sign the Morocco international from Girona.
Despite the Dutch club’s interest, Ounahi has ultimately opted to remain with Panathinaikos, according to the report.
“According to our information, a final verbal agreement has been reached between the Spanish club and the Greek team over Ounahi’s loan with a mandatory purchase option for €25m, paving the way for a four-year contract,” Foot Mercato said.
The proposed structure would allow Panathinaikos to secure Ounahi’s immediate return while committing to a permanent transfer. The agreement is understood to remain subject to the completion of the final procedures and the formal position of Girona.
Panathinaikos also moved to make its offer more attractive to the player as it attempted to overcome competition from Ajax and secure the approval of the “Atlas Lion”.
The Athens club has reportedly offered Ounahi an annual salary of €2.7m, which would make him the highest-paid player in the entire squad.
That financial package is a central part of Panathinaikos’ efforts to complete the deal, with the club now working to accelerate negotiations and the administrative steps required to register the midfielder.
“Panathinaikos’ management is now accelerating the process of completing the deal. The Greek club wants to speed up the operation as much as possible in the coming hours so it can register the player born in Casablanca in its European squad in time,” Foot Mercato added.
The report does not state that the transfer has been formally concluded, but the verbal agreement and the proposed salary indicate that Ounahi’s return to Panathinaikos is moving closer.
The midfielder’s future had become a focus of activity late in the summer window, with Ajax pursuing him and Panathinaikos seeking to retain a player who had already made an impact during his previous spell in Athens. With a €25m mandatory purchase clause reportedly agreed in principle, the remaining work is centred on finalising the transfer and meeting the deadline for his inclusion in the club’s European squad.
