Colak made 37 appearances in all competitions during the 2021/22 season, scoring eight goals and laying on two assists, and in the process has become a man in demand this summer.
The 28-year-old spent the first half of last season on loan at Malmo and was their top-scorer in the 2021 Allsvenskan as they successfully defended their league title.
Colak has a contract with the Greek side that runs until the summer of 2024 and is likely to be sold this summer.
Scottish giants Rangers are one of the clubs who have shown interest in signing him, but no offer has yet gone in which satisfies PAOK, who want €3m with add-ons, according to Greek outlet Sportime.
The Gers want to strengthen their attacking options, especially with Alfredo Morelos entering the final year of his contract and linked with the exit door once again, and with Kemar Roofe having suffered injury issues.
Fashion Sakala has not yet managed to convince boss Giovanni van Bronckhorst he is good enough to lead the line, with the manager opting to start midfielder Joe Aribo as a false nine in the big European fixtures towards the end of last season.
PAOK finished the last edition of the Super League Greece in second place, qualifying for the second qualifying round of the Europa Conference League.
