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.