Rangers' Champions League rivals reject £17m transfer bid
Serie A side Fiorentina were the first club to follow up their interest with a concrete bid for the 25-year-old of £17 million.
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But reports in Greece have indicated Panathinaikos have informed the Italians they no intention of selling anyone until they play their Champions League ties with Rangers.
They have already snapped up three players for the new campaign - ex-Liverpool midfielder Pedro Chirivella, Greek international defender Georgios Kyriakopoulos from Monza and fellow stopper Ahmed Touba, with the Algerian international arriving from Turkish side Basaksehir.
And they have made it clear they want their star striker Ioannidis available for the games against Russell Martin's new charges.
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