"Magdi has signed the contract after Atromitos and Zamalek concluded negotiations," Zamalek spokesman Khaled Gabr told FilGoal.com.
Gabr did not disclose the transfer fee but said that all the details will be revealed in a press conference next week following the player's arrival in Cairo.
However, Magdi's agent Zapatinas denied that negotiations have been concluded between both clubs, revealing that talks are still ongoing.
"The deal is yet to be concluded, Zamalek and Atromitos have not agreed on all details. The club's announcement is definitely a joke," he told FilGoal.com in a phone call.
Magdi came through Ahli youth ranks before joining Greek club Panionios in 2005 on a free transfer after the Red Devils opted not to include him in their local squad.
He moved to Atromitos one year later but seems set to return to Egypt for a new adventure with Zamalek.
The men in white have been long chasing a midfielder for the new season but were frustrated in their attempts after missing out on Trabzonspor's Ayman Abdul-Aziz and Iraq's Nashat Akram, who joined UAE club Al-Ain.