All 16 clubs had their applications examined by the Hellenic Football Federation's licensing committee this week and while eight teams were given the green light, the other eight - including Athens giants Panathinaikos - have had their initial submissions rejected.
Those rejected have five days to appeal with Panathinaikos stating they remained confident of being granted a licence.
"It was with much surprise that we were informed of the EPO's licensing committee decision regarding the new season," Panathinaikos said in a statement.
"Panathinaikos produced full evidence... demonstrating its viability and guarantees for the present and the future," the statement added.
"The club has taken all the necessary steps in recent months as requested by UEFA and the relative institutions in order to present a complete file for our application.
"Panathinaikos is confident that its appeal will be vindicated by the appeals body."
The eight clubs awarded licences were: Olympiacos, PAOK Salonica, Asteras Tripolis, Veria, Skoda Xanthi, Atromitos Athinon, Levadiakos and Platanias.
Aris Salonica, PAS Giannina, OFI Crete, Panionios and Panthrakikos were the other clubs rejected, along with relegated Kerkyra and AEK Athens, who had submitted applications before their demotion was confirmed.
- Sports & Recreation