Born in Cholargos, Panagou is a product of the academy at Olympiacos, and had an early loan stint at Nottingham Forest before returning to Greece, going on to play for Kalamata, Triglia, and Iraklis in Super League 2. Panagou earned his Super League transfer with Giannina in the 2023/24 season, and spent last season at Panachaiki in Super League 2. He joined AKFC in July 2025.