This season, Ioannidis has managed 13 goals in 23 games for Panathinaikos.
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And there is a belief the Greek giants would be willing to sell for around 15m.
Lazio are also watching developments.
West Ham, Fulham chasing Panathinaikos striker Fotis Ioannidis
The Sun says both clubs are planning summer bids for Ioannidis.