Gilberto Silva looks set to leave Arsenal to join Panathinaikos on a lucrative contract, according to reports in Greece.
Greek sports radio Station Sport FM claims that the Brazil international will arrive in Athens on Wednesday to undergo a medical and put pen to paper on a three-year contract.
Everton were believed to have shown late interest in securing Gilberto's services, but the midfielder has opted to join Henk ten Cate's side as they will be playing UEFA Champions League football/
PAO president Nikos Pateras met with Gilberto's representatives last week and thrashed out a deal after making an offer of around £1million to Arsenal on Friday.
Barring any last-minute changes, the World Cup winner will sign a deal that will see him earn around £6million over the next three years, making him by far the best paid player in the country in a move which will cost Pana almost £8million in total.
Gilberto found himself on the fringes of the first team last season due to the presence of Cesc Fabregas and the emergence of Matthieu Flamini, who has since left the club but has been replaced by France midfielder Samir Nasri.
Panathinaikos, who are currently in Austria for a training camp as part of their pre-season preparations, are also close to sealing the transfer of another Brazilian, the 27-year-old Fluminense right-back Gabriel, who is expected in Athens later this week to sign his contract.
Further reports from Greece suggest that Arsene Wenger has expressed an interest in teenage Panathinaikos winger Sotiris Ninis.
The 18-year-old is considered one of the brightest young talents in Greek football and has been attracting the interest of a host of clubs.