Jovanovic, who coached Panathinaikos for two and a half years, led the 20-time Greece champions to win the Greek Cup in 2022 and qualify for the Europa League, returning to a group stage of European competition for the first time in seven years.
He leaves Panathinaikos sitting second in the Super League standings on 34 points from 15 games, one point adrift of leaders PAOK. They won two of their last four games in the Greek top flight.
Terim arrives in Athens after his fourth, four-year spell at Turkish champions Galatasaray, where his contract was terminated in January 2022 due to poor results.
Over the years he had helped Galatasaray to eight championships, three Turkish Cups, five Super Cups, and the Europa League in 2000.
He managed Turkey on three occasions, for overall more than 10 years. In 1996 he helped Turkey qualify for the European Championship for the first time in their history.
