Olympique de Marseille have rejected a €5 million offer from Panathinaikos for midfielder Azzedine Ounahi, following a standout loan spell by the Moroccan international at the Greek club.
The 24-year-old, who joined Marseille from Angers in January 2023 for around €10 million, was loaned out at the start of the 2023–24 season after falling out of favour under head coach Roberto De Zerbi.
Despite being sidelined in France, Ounahi flourished in Greece, becoming an integral part of Panathinaikos’ midfield and reasserting his value on the European stage.
According to Le360 Sport, Panathinaikos made their interest in retaining the player permanent by submitting a €5 million bid. Marseille, however, quickly turned down the proposal, considering the figure too low to reflect both the player’s development and their initial investment.
The Ligue 1 side is understood to be holding out for at least €11 million — the amount they view as fair value and a necessary return to avoid a financial loss on the deal.
Ounahi’s performances this season have done much to enhance his reputation. Over 37 appearances in all competitions, the Casablanca-born midfielder has contributed five goals and seven assists, playing a central role in Panathinaikos’ campaign.
His technical ability, composure in possession, and creative spark made him a standout in the Greek Super League, and his impact has not gone unnoticed by the club’s hierarchy.
Panathinaikos’ desire to secure his services is firm, but their opening gambit has not met Marseille’s valuation. Reports indicate that the Athens-based side may revise their proposal, potentially shifting to a structure that includes a loan with an obligation to buy — a deal reportedly set around €6 million.
Whether such a formula will sway Marseille remains uncertain, with the French club expected to drive a hard bargain for a player still under contract until 2027.
For Marseille, the situation is as much about financial prudence as it is about sporting direction. With Ounahi tied down for another two seasons, the club retains control over his future and will not feel pressured into accepting a cut-price deal. Any departure, permanent or otherwise, must make economic sense and align with their long-term plans.
The coming weeks are likely to see further negotiations as Panathinaikos evaluate their options and Marseille remain firm in their stance.
While the Moroccan international has enjoyed his time in Greece and a return is seen as mutually beneficial, the financial terms will be decisive in shaping the outcome.
As the summer transfer window approaches, Ounahi’s future remains unresolved. What is clear, however, is that Marseille view him as an asset whose recent form has only strengthened their hand in talks — and any club wishing to sign him will need to meet their demands.
