Derby County and Stoke City were also interested in the player but he opted to join the Greek giants instead.
The 31-year-old Vitesse Arnhem defender will sign a two-year deal with an option for another season.
"We were already busy for some months trying to find a new club for Michel," the player's agent Alex Kroes told www.viplanet.nl.
"There was concrete interest from Birmingham City, Stoke City, Derby County, Italian side Modena and a couple of German clubs but at last AEK Athens was the most concrete."
Speaking to De Gelderlander, Kreek added: "This is the bulls eye.
"I am really happy with it. AEK Athens will play in the qualifying rounds for the Champions League.
"I never expected I would play this at my age. This transfer is more than I had expected at the end of my career."
