On 1 December 2016, Ouzounidis agreed upon a one-and-a-half-year contract with Panathinaikos to take over the vacant managerial role at the club, right after the departure of former manager Andrea Stramaccioni.
ˌɔn wˈʌn dᵻsˈɛmbɚ tˈuː θˈaʊzənd sˈɪkstiːn, ˌuːzaʊnˈɪdiz ɐɡɹˈiːd əpˌɑːn ɐ wˈʌnændɐhˈæfjˈɪɹ kˈɑːntɹækt wɪð pɐnˌæθɪnˈeɪkoʊz tə tˈeɪk ˌoʊvɚ ðə vˈeɪkənt mˌænɐdʒˈɪɹiəl ɹˈoʊl æt ðə klˈʌb, ɹˈaɪt ˈæftɚ ðə dᵻpˈɑːɹtʃɚɹ ʌv fˈɔːɹmɚ mˈænɪdʒɚɹ ˈændɹiə stɹˌæmɐksɪˈoʊni.