Exclusive transfer: Cedi Osman signs with PAOK for €9M, 3-years deal, leaving Panathinaikos

In an exclusive story for Be-Basketball, Cedi Osman is on the move. The 31-year-old forward has signed a three-year contract with PAOK, worth €9 million in total. The deal marks a stunning departure from Panathinaikos, the club he joined in September 2024 after spending seven seasons in the NBA.

The timing makes this transfer all the more surprising. Just weeks ago, in April 2025, Osman had extended his contract with Panathinaikos for two additional years. Despite that commitment, the Turkish-North Macedonian international is now heading to PAOK, with Panathinaikos receiving a €1.5 million buyout clause as part of the agreement.

A Major Shift in Greek Basketball

This move reshuffles the landscape of Greek basketball in a significant way. Osman had been part of the Panathinaikos project for two seasons, arriving in Athens as a high-profile recruit fresh off a lengthy NBA career. His decision to join PAOK — and PAOK‘s willingness to invest heavily in securing him — signals the Thessaloniki club’s ambitions both domestically and on the European stage.

For Osman, the three-year deal provides long-term stability and a clear commitment from his new club. At 31, he is entering what should be the prime years of his career in Europe, and PAOK have made it clear they are building around experienced, proven talent.

The €9 million contract over three years also underlines the growing financial muscle of top Greek clubs, as they continue to attract and retain quality players in an increasingly competitive EuroLeague and EuroCup environment. The €1.5 million buyout clause paid to Panathinaikos reflects the seriousness of the operation and the speed at which this deal was concluded.

Best games of Cedi Osman in EuroLeague 2025/2026:

PAOK’s Ambitious 2026-2027 Project

Cedi Osman’s arrival at PAOK is set to be one of the defining transfers of the 2026-2027 season in Greek basketball. The Thessaloniki club is undergoing a major transformation under the financial backing of billionaire Telis Mystakidis, who has made it clear that PAOK‘s ambitions extend far beyond domestic competition.

Osman joins a roster that has already been significantly strengthened for the upcoming EuroCup campaign. The club has already secured the services of RaiQuan Gray, Kyle Alexander, and Marcus Foster. More notably, PAOK has also brought in Trevor Hudgins, the American point guard who spent three seasons with Le Mans in the French Betclic Élite, where he averaged 15.6 points and 3.8 assists per game last season.

The crown jewel of PAOK‘s recruitment drive, however, is the signing of Nick Calathes. The 37-year-old American-Greek point guard, widely regarded as the greatest passer in EuroLeague history, has signed a two-year deal worth €1.8 million with the club. Calathes brings unparalleled experience and leadership to a squad that is clearly being built to compete at the highest levels of European basketball.

With Osman, Hudgins, Calathes, and their other recent acquisitions, PAOK has assembled a roster with genuine European pedigree. The 2026-2027 season will be a critical test of whether Mystakidis’ investment and ambition can translate into sustained success both in Greece and on the continental stage.

Find here PAOK’s full 2026-2027 roster.