Semi-finalists in the competition last year, they won it in 2023/24 and are currently the bookies favourites to do so again this time round.
Bookmakers BoyleSports curently have them at 9/4 and bookmakers Ladbrokes have them at 11/5 as they are predicted to be there or thereabouts once again when the comeptiton kicks off at the end of the month.
And it is not without reason either. In the 2023–24 EuroLeague championship they crushed Real Madrid 95–80 in the final to take their seventh title, but their first since 2011.
Ergin Ataman, their coach, is a respected coach who already took Anadolu Efes to the top, winning the EuroLeague in 2021 and 2022 and he’s now got Panathinaikos playing super fast and intense, which is how they bulldozed teams last season.
His knack for mixing tough defense with smart offense was a big part of their win and keeps driving them forward.
Building Depth and Adding Stars
Then there is the the team itself.
Nobody has questioned the quality of their roster for a long time, but the depth they now have has increased their chances of reclaiming that title.
They currently have 16 players, which covers all positions and they have added some nice pieces as part of that.
T. J. Shorts has come in from Paris and Richaun Holmes from the Washington Wizards, with Holmes, a ten year NBA veteran, bringing in a strong defensive presence and experience to the frontcourt.
Speaking at the time of the move, Holmes said: “Ι am here to fight, let’s go win the 8th trophy.”
He joins fellow former NBAers Kendrick Nunn, the EuroLeague MVP and the Alphonso Ford EuroLeague Top Scorer Trophy winner last year, and Jerian Grant, playing for the 2024 EuroLeague champions.
But those additions can only take the Greek side so far as the EuroLeague this year once again looks like being a tough one to win.
Rivals and Contenders
Olympiacos, Real Madrid, Fenerbahce, and Barcelona are all expected to challenge once again.
Olympiacos are currently 3/1 with Ladbrokes to take the title while Boylesports have them at 10/3, meanwhile Real Madrid are 7/1 with Ladbrokes and 8/1 with Boylesports.
Last years champions, Fenerbache, are priced up at 9/1 with Ladbrokes and 8/1 with Boylesports also with Monaco also among the favourites at 10/1 with Ladbrokes and 12/1 with Boylessports.
Monaco could be a dark horse to keep an eye on as once again they have built a roster backed up by star players.Mike James, the competition’s all-time top scorer, returns alongside Niko Mirotic, both season MVPs, both hoping to help Monaco claim that first Euroleague title.
While Panathinaikos sets the benchmark according to the bookmakers, Olympiacos Piraeus lurks as the most immediate threat from Greece.
Under the steady hand of head coach Georgios Bartzokas, who guided them to the Final Four in 2024, Olympiacos has reloaded smartly after losing key guards like Nigel Williams-Goss and Luca Vildoza.
Their new signings have helped to inject fresh energy this year.
Former NBA forward Kostas Antetokounmpo adds athleticism to the wing, while big man Donta Hall bolsters the paint alongside veteran Nikola Milutinov.
Their roster is stacked as Olympiacos’ blend of experience and youth positions them for a deep playoff run as they aim to show that last season’s third-place finish wasn’t a fluke.
Across the border in Spain, meanwhile, Real Madrid remains a powerhouse.
The big news is the appointment of Sergio Scariolo as head coach, replacing Chus Mateo and bringing his international pedigree from leading Spain to Olympic gold.
Scariolo inherits a loaded roster but he has moved to reshape it.
Madrid have waved goodbye to stars like Dzanan Musa and Serge Ibaka while new arrivals include point guard Theo Maledon from the NBA and forward Chuma Okeke, both adding perimeter versatility.
Madrid’s depth, spanning 15 players across positions, allows for rotation flexibility which is crucial in the new grueling 34-game regular season.
Elsewhere, Turkey’s Fenerbahce Beko, who are the 2024 champions, aren’t fading quietly this year by the looks of it.
Šarūnas Jasikevičius takes the reins as head coach and brings his Barcelona-honed system, which emphasizes ball movement and three-point barrages.
The departures of Nigel Hayes-Davis and Erick McCollum sting, but newcomers Mikael Jantunen and Brandon Boston Jr. inject youth and athleticism to the reigning champions.
They’re not just defending; they’re evolving into a more versatile contender.
As the 2025-26 EuroLeague tips off at the end of the month with 20 teams vying for glory, the parity promises drama. Panathinaikos leads the pack, but Olympiacos’ grit, Madrid’s star power, Fener‘s defense, Barca’s resurgence, and Efes‘ hunger ensure no easy path.