The striker, 31, rejoined former club Zenit St Petersburg on loan from Arsenal in February following a turbulent year at the London club.
After excelling for the first couple of seasons in the English Premier League, which included the astonishing achievement of scoring all four goals for Arsenal in a 4-4 draw with Liverpool in 2009, Arshavin has struggled to break into Arsenal's first team.
Arsenal supporters booed the Russian when he came on as a substitute in January's 2-1 league defeat by Manchester United.
"A chance to play again was the only reason why I decided to come back home," Arshavin, once dubbed the "Golden Boy" of Russian football, told local media.
"But I would love to return to Arsenal. My family feels comfortable in London, my kids go to school there and each of us is very happy living in London."
With his club career in limbo, Arshavin's international future clouded as the Euros approached.
His scoring touch had deserted him - he had failed to find the net for Russia for more than two years before finally ending the drought in a 2-0 win over Denmark in February's friendly.
Some experts dared to call for coach Dick Advocaat to drop the once indispensable Arshavin from Russia's Euro 2012 squad - an unthinkable scenario just a few months ago.
"Arshavin's place in the team was never in question," the Dutchman told reporters. "He's our leader on and off the pitch."
He was voted into the tournament's All-Star team and became a national hero almost overnight.
Arshavin quickly became Russia's highest-paid player and, with his boyish-looking face gracing the cover of numerous glossy magazines, he also earned a fortune from endorsements.
