Sotirios Ninis's contract at Panathinaikos carries a £8 million buyout clause.
Manchester United have opened talks with Panathinaikos in recent days about a deal for the attacking midfielder.
Ninis, whose deal expires in 2012, wants to play out the season with his boyhood club before moving abroad.
Athens sources last night declared that United were facing competition from Real Madrid for Ninis.
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