Hearts announced earlier on Thursday that Scotland striker Lawrence Shankland had agreed a new three-year contract to extend his stay at Tynecastle.
Penrice began his career with Partick Thistle and, after a loan spell to East Fife, joined Livingston on a permanent deal in the summer of 2021.
His performances for the West Lothian side alerted Hearts to his talents and he signed a three-year deal when moving to Tynecastle last summer.
Should Penrice’s deal go through, he will become the second Scot this week to move to Greece after Scotland left-back Greg Taylor’s move from Celtic to PAOK in Thessaloniki.
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