The reports have indicated that Al-Shabab will decide whether to accept the bid within the next couple of days. The interested club was not identified.
Al-Shabab board turned down several offers for Azmi, insisting that they will not sell the former Zamalek defender for less than $400,000.
Azmi has revealed that he has received another offer from a Greek club, which he has refused to name.
"This Greek club will table an official bid within the coming few days. I will sit down with Al-Shabab officials to settle on the best move," he told FilGoal.com.
"I personally prefer to go to Greece where I had a fine spell with PAOK Saloniki; I'm used to football there. However, Al-Shabab board will have the final decision regarding my destination. They will definitely choose the better financial offer."
The 24-year-old joined Al-Shabab from PAOK last January but failed to establish himself as a first-team regular and fell out with Portuguese coach Jose de Morias.
Azmi has been left out of Al-Shabab's local squad for next season as the Saudis already have three foreigners at their disposal.