Earlier this season, Panathinaikos also won the Euroleague Championship for the second time in three years. Nicholas was an elite shooter and an ace defender in the tournament:
With clutch shot after clutch shot in the 2011 Turkish Airlines Euroleague title game, Drew Nicholas played a valuable role in giving Panathinaikos its sixth continental title. Nicholas, a former Alphonso Ford Top Scorer Trophy winner, has developed into an ace defender for the Greens, but he showed in Barcelona that he still has an elite scoring touch. Nicholas came through with 14 points against Maccabi Electra to help guide the Greens to the promised land. From the time he entered the game early in the second quarter, Nicholas put the ball in the net, whether by driving through the Maccabi defense or by trusting his shooter's touch. When the final buzzer sounded, Nicholas could say that by excelling at whatever end of the court his team needed him most, he was now a two-time Euroleague champion.
In 20 Euroleague games, Nicholas averaged 9.8 points, 1.2 rebounds, and 1.7 assists while shooting 41.5% from 3 point range. In 27 Greek League games, Nicholas averaged 9.7 points, 2.0 rebounds, and 2.3 assists while making an even better 44.4% of his 3 pointer attempts. This was Nicholas's third season playing for Panathinaikos.