Championship giants Nottingham Forest are reportedly set to bring former Olympiakos goalkeeper Stefanos Kapino to the City Ground.
Panathinaikos could cash in on left-back Niklas Hult this month, with Nottingham Forest keen to take him to the Championship.
Kevin Mirallas left Everton to rejoin Olympiakos earlier this month on loan.
Robin Lod looks set to leave Panathinaikos with Wolverhampton Wanderers linked with a move in the New Year.
Olympiakos failed to strike a deal to bring Kevin Mirallas back to Greece with Everton only willing to listen to permanent offers.
Fawaz Al-Hasawi may be on his way out of Nottingham Forest but Mark Warburton shouldn't get too comfortable with Evangelos Marinakis arriving.
Luke Steele conceded two as Panathinaikos lost 2-0 on Wednesday night, meaning they couldn't overtake Olympiacos in the Greek Super League.
Could Panathinaikos go the same way as Glasgow Rangers this summer?
Marton Fulop's disastrous game for West Brom against Arsenal on the final day of last season effectively cost Spurs Champions League football. But now the former Manchester City, Sunderland, Ipswich Town, Leicester City and Stoke stopper is leading Greek minnows Asteras Tripoli to European football