Rangers put the disappointment of losing to Dynamo Kyiv in the Champions League third qualifying round last season behind them to reach the Europa League quarter-finals before losing to Athletic Bilbao.
On the way, they drew 1-1 with eventual winners Tottenham Hotspur as they finished eighth in the league stage.
Having reached the last 16 the season before, Rangers are now ranked 30th in Europe – 60 places above Panathinaikos.
However, the Greek Superleague runners-up have a decent recent record of their own, having progressed through two rounds before losing to Braga in the play-offs two years ago.
Last season, they thumped Botev Plovdiv 6-1 on aggregate in the Europa League second qualifying round before losing on penalties to Ajax.
They would then beat Lens in the Conference League play-off before finishing 13th in the league stage and reaching the round of 16, losing to eventual semi-finalists Fiorentina.
Panathinaikos have never lost to Scottish opponents in seven matches, although – after beating Aberdeen in the group stage – it was Rangers who progressed in the 2008 Europa League round of 32 on away goals after a 1-1 draw at Ibrox was followed by a goalless draw in Athens.
Five years earlier, they also drew 1-1 in Athens but won 3-1 at Ibrox in the Champions League group stage, while their most recent meeting with a Scottish club in qualifying was a 5-0 defeat of Motherwell in 2011.
Portuguese head coach Rui Vitoria, appointed in October, won seven trophies with Benfica, led Al-Nassr to the 2020 African Champions League semi-finals, while Spartak Moscow won their Europa League group ahead of Leiceister City and Napoli while he was in charge.
Former Liverpool youth midfielder Pedro Chirivella, the Spaniard signed from Nantes, is one of three summer purchases along with left-back Giorgos Kyriakopoulos, who left Monza after their relegation from Serie A.
Midfielder Manolis Siopis, signed from Cardiff City in January, is another of their five Greece internationals, while they have nine others capped for their countries.
Among them are Uruguay winger Facundo Pellistri, who played a handful of games during four years with Manchester United, one time Southampton loanee midfielder Filip Duricic and United States centre-back Erik Palmer-Brown, once of Manchester City.
Whether Rangers, in the early stages of rebuilding under new head coach Russell Martin, beat the Greeks to progress to the Champions League third qualifying round or drop to its Europa League equivalent, teams with similar recent European pedigree await.
In the top tournament, it is Viktoria Plzen of the Czech Republic or Servette of Switzerland, while Besiktas of Turkey or Shakhtar Donetsk of Ukraine are arguably more formidable opponents in the Europa equivalent.
Even if Rangers do reach the Champions League play-offs, Benfica, Brann, Club Brugge, Nice, or Salzburg will still need to be overcome.
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