BBC Sport is reporting that Blues made an offer of 400,000 Euro's (approximately £275,000) for the 29-year-old international midfielder but the Greek side have snubbed this offer claiming that it it is too low. "For a player of Angelos' calibre that offer is far too low. For that sort of money he will not be sold. "If Birmingham come back with an increased offer there would be a discussion about it."
"The offer from Birmingham was for 400,000 euros," a spokesman for Panathinaikos has told BBC Sport
"I read that Birmingham received £1.75m for Darren Carter. Angelos is better than Carter and has the experience of playing in more than 50 Champions League games.