Regulation time ended scoreless in Piraeus, but the end of the first half of extra time saw Olympiakos earn a penalty that Youssef El-Arabi converted Panenka-style.
PAOK, however, earned its fifth ticket to a final in the last six seasons thanks to an Antonio Colak goal from a Nelson Oliveira pass three minutes into the second half of extra time.
The Cup final will take place on May 21 at the Olympic Stadium of Athens; this will be the fifth time Panathinaikos and PAOK will play a Greek Cup final.
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