The Greek side is weighing up a move for the experienced Gunners midfielder, with the Frenchman's contract at the Emirates Stadium expiring at the end of the season.
Mathieu Flamini has been offered to Greek side Panathinaikos as his second spell at Arsenal looks set to come to an end this summer, sources tell Goal.
The Frenchman's contract with the Gunners expires at the end of the season, with manager Arsene Wenger unlikely to offer the 32-year-old midfielder an extension to his current terms.
Flamini has played 24 games for Arsenal this season and endeared himself to the fans once again after scoring twice against Tottenham at White Hart Lane in a League Cup third round clash last September.