The two clubs have agreed a deal for the player ahead of the Russian transfer deadline on Friday, according to Sky Sports News.
Arshavin returns to Zenit, where he spent eight years up to 2008, after much speculation surrounding a potential move back to his native Russia.
The player leaves Arsenal having scored 30 goals in 132 appearances for the club.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 7 | 6 | 0 | 1 | 13 | 2 | 11 | 18 |
| 2 | Manchester CityMan City | 7 | 5 | 2 | 0 | 17 | 8 | 9 | 17 |
| 3 | Arsenal | 7 | 5 | 2 | 0 | 15 | 6 | 9 | 17 |
| 4 | Chelsea | 7 | 4 | 2 | 1 | 16 | 8 | 8 | 14 |
| 5 | Aston Villa | 7 | 4 | 2 | 1 | 12 | 9 | 3 | 14 |
| 6 | Newcastle UnitedNewcastle | 7 | 3 | 3 | 1 | 8 | 7 | 1 | 12 |
| 7 | Fulham | 7 | 3 | 2 | 2 | 10 | 8 | 2 | 11 |
| 8 | Tottenham HotspurSpurs | 6 | 3 | 1 | 2 | 12 | 5 | 7 | 10 |
| 9 | Nottingham ForestNott'm Forest | 7 | 2 | 4 | 1 | 7 | 6 | 1 | 10 |
| 10 | Brentford | 7 | 3 | 1 | 3 | 13 | 13 | 0 | 10 |
| 11 | Brighton & Hove AlbionBrighton | 6 | 2 | 3 | 1 | 10 | 8 | 2 | 9 |
| 12 | West Ham UnitedWest Ham | 7 | 2 | 2 | 3 | 10 | 11 | -1 | 8 |
| 13 | Bournemouth | 7 | 2 | 2 | 3 | 8 | 10 | -2 | 8 |
| 14 | Manchester UnitedMan Utd | 7 | 2 | 2 | 3 | 5 | 8 | -3 | 8 |
| 15 | Leicester CityLeicester | 7 | 1 | 3 | 3 | 9 | 12 | -3 | 6 |
| 16 | Everton | 7 | 1 | 2 | 4 | 7 | 15 | -8 | 5 |
| 17 | Ipswich TownIpswich | 7 | 0 | 4 | 3 | 6 | 14 | -8 | 4 |
| 18 | Crystal Palace | 7 | 0 | 3 | 4 | 5 | 10 | -5 | 3 |
| 19 | Southampton | 7 | 0 | 1 | 6 | 4 | 15 | -11 | 1 |
| 20 | Wolverhampton WanderersWolves | 7 | 0 | 1 | 6 | 9 | 21 | -12 | 1 |
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