Jason Kapono is close to finalizing a free agent contract with Panathinaikos.

Kapono, 31, was waived by the Cleveland Cavaliers last season after being acquired in a trade that sent Ramon Sessions and Christian Eyenga to the Lakers.

Kenyon Martin has turned down a contract offer to sign with Panathinaikos of Greece, according to a source.

Martin continues to look for an NBA contract. Conversations remain ongoing, but no contract for Martin is imminent.

Martin spent parts of last season in China and with the Los Angeles Clippers.

Josh Powell has agreed to terms of a two-year deal with Olympiacos.

Powell was recently cut by the San Antonio Spurs after appearing in six preseason games.

Joey Dorsey has agreed to part ways with Olympiacos.

Dorsey averaged 6.6 points, 5.6 rebounds and 1.6 steals in A1 League play last season.

Dorsey, 28, has spent time with the Houston Rockets, Rio Grande Valley Vipers, Toronto Raptors and Caja Laboral.  

Hilton Armstrong announced Thursday morning that will be joining Panathianakos of the Greek League.

Armstrong worked out for the Nets on Wednesday.

Armstrong, 27, was selected with the 12th overall pick of the 2006 NBA draft.

Lou Amundson continues to explore offers from NBA teams, but is also in talks with Panathinaikos of Greece.

Amundson played for the Pacers last season.

Panathinaikos has expressed interest in signing Anthony Tolliver for the upcoming season, Tolliver’s agent, Larry Fox, confirmed Sunday.

"Panathinaikos has definitely expressed strong interest and their coaching staff loves Anthony (Tolliver)," Fox said. "While Anthony is flattered by their interest and the potential economics behind it, we are currently in discussions with several NBA teams. While we won't rule out Greece, the interest level from the NBA remains strong and we are continuing to pursue those options."

Tolliver, a 6-foot-8, 240 pound forward, is a four-year NBA veteran who averaged 4.1 points on 39 percent shooting last season for the Timberwolves.

Panathinaikos is interested in signing Ben Wallace.

Wallace remains an unrestricted NBA free agent and is undecided on his future for what would be his 17th season.

Verdell Jones has signed a contract to play professionally for Peristeri, a team located in Athens, Greece.

"It's a great feeling," said Jones. "First of all just to be back on the floor playing again means a lot to me. And then to be able to play professionally on the top level is even better."

Jones, who is still recovering from a torn ACL, received interest from several European teams.

"We had a couple other teams in Switzerland and Holland and places like that that were interested but this team contacted my agent and were very interested," said Jones. "They are one of the top teams in Europe so we felt it was a great opportunity."

Joey Dorsey has agreed to a two-year contract with Olympiacos Pireaus.

Dorsey joined Olympiacos prior to last season’s Euroleague playoffs.

Olympiacos won both the Euroleague and the Greek League titles for the first time since 1997.