Megahed told FilGoal.com on Wednesday that he met with Zamalek football committee members Hamada Emam and Galal Mahmoud to discuss a come back to his original club.
If both sides reach an agreement, Zamalek's officials will contact PAOK especially that the relation between the player and his Greek side has become unstable.
PAOK have refrained from paying the Egypt international since he suffered a cruciate ligament injury seven months ago.
Megahed said that if the club does not make his overdue payments he will contact FIFA and "move to terminate his contract" and
The 21-year-old joined PAOK in 2005 following a series of outstanding displays with Zamalek and the youth national team.
Megahed also revealed that he was also approached by Dutch league runners-up Alkmaar.