The Tractor Boys have offered €25m for Ioannidis, but aren't alone in their interest.
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Transfer expert Fabrizio Romano is reporting Bologna have also bid €18m plus bonuses for the striker.
Greek sources have told TWTD that Panathinaikos are hoping to see the price pushed up to €30m.
Last season, Ioannidis scored 23 goals across all competitions for Panathinaikos.