Usmanov, born in the former Soviet republic of Uzbekistan, is one of a handful of tycoons who own or hold stakes in English club sides, such as Roman Abramovich at Chelsea and Anton Zingarevich at Reading.
"As much as possible, every time, I'm open to increase my shares," Usmanov told Reuters on the sidelines of a St Petersburg International Economic Forum.
Usmanov, a steel and technology tycoon, could build on a position he has amassed in the English club since 2007.
Usmanov's Red & White vehicle, which he jointly owns along with business associate Farhad Moshiri, owns 29.72 percent of Arsenal, according to the football club's website. American billionaire Stan Kroenke owns 66.83 percent.
However, Usmanov does not see himself on the board of Arsenal. "No, I don't want to be on the board when I'm not invited," he said.
Media reports have said that Kroenke is not supportive of Usmanov having a place on the board.
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