The newly-promoted premiership side are keen on buying their former player, who is also on the radar of Levante
Cardiff would have to fend off competition from Levante. According to Skysports, the former Arsenal, Portsmouth and Birmingham City player is in advanced talks with the Spanish club.
The 27-year-old is bent on leaving his club.
Owusu-Abeyie said: “I am looking forward to a new start at a new team. Hopefully that could be a team where I will settle.
“Nothing is done yet, so I can still decide another team before the season starts.”
Cardiff manager Malky Mackay is bent on recruiting experience players to help their stay in the top flight division and has set his eyes on the Panathenakos player to aid their campaign.
The winger has not fared too well in the Greek league due to injuries and has only made 39 appearances for the club scoring four goals since 2011 though he started well with them.