The Sun says Brazilian Gilberto, 31, will complete his £1.5m move to Greece today after six years with Arsenal. He has agreed a £50,000-a-week deal with Panathinaikos and will be named as captain by new boss Henk Ten Cate.
Friar said: "We have agreed to the transfer and signed the papers. It is now an official agreement.
"We had other offers but we respected Gilberto's desire to sign for Panathinaikos."