The 25-year-old moved to the Turk Telekom Arena from cross-city rivals Fenerbahce last January, but despite featuring regularly for the Istanbul club, has now moved to Greece.
The Athenian outfit will have the former Sheffield United man's services until the end of the season, and have the option of signing Kazim-Richards on a permanent basis in the summer.
This is Kazim-Richards' second loan-spell since moving from England to Turkey, having spent time in Ligue 1 with Toulouse.
Meanwhile, Alexander Hleb could be set to follow Kazim-Richards to the Karaiskakis Stadium, having been released by Barcelona earlier today, according to Woop.gr.
However, a potential sticking point in the deal could be the Greek side's need to free up a non-european spot in their squad.
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