Masandawana signed the Argentine in January 2024 in a deal that was reported to be €2.3 million (R47m) from Argentina's top-flight side Club Atlético Lanús. However, despite the fanfare that greeted his arrival, the defender failed to establish himself as a regular starter.
He was loaned to CA Talleres, a club in Argentina, last season before he returned to Sundowns with uncertainty hanging over his future.
The imminent transfer to Greece came after Downs' coach, Miguel Cardoso, raised the possibility that the player was set to move on.
Esquivel is not the only Sundowns star whose future remains uncertain; first-teamers like Lucas Ribeiro Costa, Peter Shalulile, and Khuliso Mudau have also been linked with exits.
Terrence Mashego is also sitting on the edge at Sundowns.
When his exit is confirmed, Esquivel will join the list of Rivaldo Coetzee, Sipho Mbule, Lucas Suarez, Lebohang Maboe, Sifiso Ngobeni, Thabang Sibanyoni, Sanele Tshabalala, and Kobamelo Kodisang, whose exits had been confirmed earlier in the transfer window.