The Gunners have, so far, refused to match les Girondins' valuation of the front-man, after seeing an initial bid of €7 million snubbed by the Ligue 1 champions.
However, the forward's repeated pleas to be allowed to leave France this summer are expected to eventually result in a deal to allow the striker to leave the Stade Chaban Delmas for England.
And, according to L'Equipe, Laurent Blanc has identified towering Serbia striker Zigic as the man to fill Chamakh's boots, if and when he departs for the Emirates Stadium.
The 6ft 7in front-man spent time on loan at Racing Santander last season, netting 13 league goals in 19 outings, and was expected to find himself surplus to requirements at the Mestalla in 2009/10.
As a result, a string of English clubs, including Aston Villa, Fulham, Portsmouth, Blackburn and Everton were all believed to be interested in securing the 28-year-old's services, who has scored 14 times for his country.
However, after encouragement from Valencia coach Unai Emery that he will be given a chance this season, combined with fellow forward Fernando Morientes' departure to Marseille, Zigic had revealed that he was happy to stay put.
"I have rejected all the offers because my desire is to stay with Valencia next season," he told Las Provincias.
"I am very happy to return to the team and I am prepared to demonstrate to the coach that I should be in the team. This is my challenge now.
"My agent had many proposals from Spain and Europe but my decision was always clear. To stay at Valencia.
"I have not personally spoken with the coach but Valencia know my intentions and I will not change my mind."
NEWS: Chamakh losing sleep over Arsenal ordeal
NEWS: Blanc questions Arsene interest in Chamakh
NEWS: Wenger - Chamakh asking price still too high
NEWS: Arsenal increase offer for Chamakh
NEWS: Bordeaux call for Chamakh conclusion
NEWS: Wenger - Chamakh talks terminated
NEWS: Chamakh angry and disgusted
NEWS: Arsenal told to stump up for Chamakh
NEWS: Chamakh makes London move
NEWS: Chamakh begs Bordeaux to let him go
NEWS: Wenger makes Chamakh contact
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