Figueroa, who has also had spells in England, Spain and Italy, was capped 15 times for Argentina, and won a gold medal with the national team at the 2004 Athens Olympics.
Panathinaikos lie 10th in the start to the new season, collecting four points from their opening three matches which has left them 10th in the table. (Reporting by Graham Wood; Editing by Ian Ransom)