The Moroccan international spent the past season on loan at Nice in Ligue 1 where he was impressive, helping his side to a Uefa Champions League spot after they finished third in the French top tier. He featured 36 times, scored three and assisted seven goals.
Panathinaikos are reportedly looking for a midfielder who can complement Marcus Berg and Victor Klounaridis and have earmarked the 27-year-old for the role.
Since his move to the Ukrainian outfit from Montpellier in 2013, Belhanda struggled to establish himself in the Western European country and as a result, he has been loaned out on two occasions, to Schalke and Nice respectively.
According to Contra.gr both Panathinaikos and Zenit Saint Petersburg are hunting the Avignon-born midfielder.
Both The Greens and Bomzhi will, however, have to move quickly for the Atlas Lions International as Galatasaray have also joined the race for his signature.