In November, the 24-year-old was given a nine-month suspended prison sentence and banned from driving for two years after being found guilty of drink-driving in an incident towards the end of September.
Las Palmas initially stuck by the Argentine, but it is understood that he was again arrested last week for the same offence, which led to the Spanish club's head coach Quique Setien claiming that the striker needs a change of scenery.
"He needs to make a change and a turn his life around - I do not think that it is possible for him to do that here, at the moment," Setien recently told reporters. "The best thing for him is to find a team where he can really demonstrate the skills he has and to get his mentality right."
According to Cadena Cope, a number of clubs expressed an interest in signing Araujo on a loan deal, but AEK Athens have won the race and will complete a deal before the end of the January transfer window.
Araujo has scored twice in 11 La Liga appearances for Las Palmas during the 2016-17 campaign.