Gilberto, 31, originally joined Arsenal from Atletico Mineiro in 2002 and, 244 appearances later, he has now deemed that the time is right to try his luck in Athens.
A statement on www.arsenal.com read: “Arsenal can confirm that Gilberto has joined Greek side Panathinaikos.
“Everyone at Arsenal would like to thank Gilberto for his huge contribution to the club both on and off the pitch, and wish him the very best for the future.”
Gilberto had been an ever present in the Arsenal side for the majority of his career but suffered a miserable last season, losing his place in the side to Matthieu Flamini, and managing only 12 league starts.
With that, Gilberto has become the second player to leave the Emirates within the span of the week, following the departure of Aleksander Hleb to Barcelona.
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