— PAOK FC (@PAOK_FC) August 1, 2020
Schwab, 29, was out of contract at Rapid and following six seasons at the club decided to move.
Schwab has signed a two-year deal with PAOK, who have the option to add a third year.
After joining Rapid from Admira Wacker for €400,000 in 2014, Schwab made 241 appearances and scored 51 goals.
Schwab will hope he can add to his one cap for Austria after joining PAOK, who will play in next season’s Champions League qualifiers.