Zenit seeking high price for Arshavin

The Russians on Tuesday suggested a £20million deal for the 27-year-old playmaker, who shot to prominence during Euro 2008, was set to be concluded for their prized asset - with both the Gunners and Italian club Juventus understood to be leading the chase.

Arshavin's representative Dennis Lachter told the London Evening Standard: "There are no negotiations yet, It is the people of Zenit trying to initiate some kind of interest. They are trying to use the media to make the price of Arshavin £20million."

Arshavin, a long-time target for Arsene Wenger, is reported to have visited the Barclays Premier League club's Hertfordshire training ground during a trip to England earlier this year, while it has also been claimed the player is in fact already in London to put the final touches to the move.

Zenit boss Dick Advocaat, the former Rangers manager, is resigned to losing the Russia star - who helped his side reach the Champions League group stages for the first time this season.

The Russians may well be forced to offload the unsettled player at a cut price, with Arshavin having threatened to invoke new FIFA regulations and buy out the remaining 18 months of his contract to become a free agent.

While Arsenal could shortly be ready to formally table an offer as Wenger looks to bolster his options following injury to captain Cesc Fabregas, it is unlikely to be anywhere near the figure Zenit - whose domestic season ended in November - have touted.

Arshavin's hefty wage package would also have to be taken into account by the traditionally prudent Gunners, whose record signings under Wenger remain the £13million paid for Sylvain Wiltord and a similar package for Spain winger Jose Antonio Reyes, with neither move proving successful in the long term.