Balbuena made 12 Premier League appearances for the Hammers in the first of the season, but has fallen down the pecking order, with the player yet to play in the league since December.
The 29-year-old also has a contract with the London-based side coming to an end this summer and could be on his way out of the club at the end of the season.
With the Paraguay international’s three-year association with West Ham appearing to come to an end, he is now being targeted by other clubs.
According to Greek outlet Sportime, AEK Athens have placed Balbuena on their radar as they look to make defensive reinforcements in the summer.
The Greek outfit have identified French club Rennes’ captain Damien Da Silva as their primary target and are said to have begun their efforts to land the defender.
However, the Athens club also have Balbuena on their list of defensive options, with top target Da Silva attracting interest from other clubs.
With Balbuena potentially having the option to join AEK Athens, it remains to be seen if he will be interested in moving to Greece.
