The Frechman looks set to leave Arsenal this summer.
The Frenchman is out of contract in the summer and it appears that a new deal is unlikely to be offered by the club.
He has not played for the Gunners since the Champions League last 16 exit to Barcelona and is now actively looking for his next move.
Panathanaikos is a potential destination, with his representatives having already started discussions about a move to Greece according to the London Evening Standard.
There is a major stumbling block to any move though, and that is his current wage packet.
He earns £60,000-a-week at the Emirates and wants to continue on that wage, something which is beyond the Greek side, who would need him to lower his demands to make a deal progress.
Flamini is not the only one who will have to find himself a new club this summer, with veterans Tomas Rosicky and Mikel Arteta looking also likely to leave when their deals expire.