Zenit looking to land Arshavin on loan
"Arshavin would interest us in terms of having him on loan," Zenit general director Maxim Mitrofanov was quoted as saying by local media on Wednesday.
"[Besides helping Zenit] Andrei would also be well prepared for the upcoming Euro 2012 finals. The question is what Arsenal really want, would they want a loan deal?"
Asked if Zenit had already sent their offer to the English Premier League club, Mitrofanov said: "We had [initial] talks with them. Let's see how they respond now."
The Russian transfer window is open until Friday.
Arsenal paid Zenit some 15 million pounds for the Russia captain in January 2009.
After excelling for the first couple of years in London, Arshavin has struggled to break into the first team this season. He played for Arsenal's reserve team on Tuesday, scoring twice in a 5-0 win over Norwich City.
However, this month Arsenal manager Arsene Wenger ruled out selling the 30-year-old, who has a contract until June 2013.
"The fact is Andrei still wants to play in England," Mitrofanov said. "But he really wants to do well at Euro. [Zenit] would be a good solution for him in this case."