The Magpies are reportedly negotiating a sale for the midfielder - but would it be a big mistake?
Indeed, the Greek side want to sign Abeid on a permanent deal and the St James' Park outfit are said to be open to an exit.
The Chronicle report that both clubs are still haggling over a fee, however, but all the signs are pointing towards a resolution once a valuation can be agreed.
Would a sale be a mistake?
Fans appear split on any potential departure for the 23-year-old Newcastle midfielder. And some good performances last year show just why selling Abeid could prove an error of judgement on the club's part.
The midfielder hasn't been given a fair run in the side, despite showing he is capable when called upon.
Of course, many feel a Panathinaikos move would suit all parties - Abeid is popular in Greece after spending time on loan there and needs first-team football.
But, while Newcastle already have good options in central midfield, can a team like Steve McClaren's really afford to sacrifice extra depth where it is available?