Papanikolaou began playing basketball with the youth teams of Proteas Grevenon and Aris, and he made his pro debut in the Greek League, with Aris, during the 2008–09 season. He was named the MVP of the Greek Youth All-Star Game in 2009. He was also named the Greek League\'s Best Young Player in 2009.\n', '

On September 14, 2009, Papanikolaou signed a five-year, €1.3 million net income deal with Olympiacos, after Olympiacos paid a €950,000 buyout fee to Aris, to secure his player rights. Papanikolaou\'s contract with Olympiacos had an NBA buyout clause worth €1 million.\n', '

With Olympiacos, he won the EuroLeague and Greek League championships in 2012. Papanikolaou was voted the EuroLeague Rising Star for the EuroLeague 2012–13 season. With Olympiacos, he also won the 2012–13 season EuroLeague championship.\n', '

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