After being released by the San Antonio Spurs last week, Vasilieios Spanoulis signed a contract with his former club and this years Euroleague champion Panathinaikos.

Spanoulis averaged 2.7 points in 31 games for the Houston Rockets during the 2006-2007 season before being sent to their state rivals, the San Antonio Spurs. The San Antonio Spurs obtained Spanoulis on July 12 – along with a 2009 second round pick – from the Rockets in exchange for little-used center Jackie Butler and the rights to Argentinian superstar Luis Scola (played for TAU Vitoria during the 2006-2007 season). Earlier this summer, Spanoulis spoke to the Spurs and expressed his wish to return to Greece. He was released by the Spurs on August 23.

Panathinaikos announced his return today. According to latest reports Spanoulis signed a 3-year contract with the club from Athens.

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