Moscow: Zenit Saint Petersburg have entered loan negotiations with Arsenal for the London club's troubled midfielder Andrei Arshavin, according to the Russian champion's general director.
Arshavin, whose contract expires in June 2013, has been the subject of widespread speculation of his imminent return to Russia after spending much of the season on Arsene Wenger's bench.
He has also been targeted by Russia's big spenders Anzhi Makhachkala, who signed Dutch coaching legend Guus Hiddink last week.
Zenit's General Director Maxim Mitrofanov told the Sovietsky Sport daily Arshavin was still interested in staying in England but had also realised he needed to get match fit before joining Russia's Euro 2012 squad.
"Arshavin would interest Zenit in loan terms," Mitrofanov told the online edition of the daily.
"We have talked to (Arsenal). We will have to see what they do next."
Russia's transfer window expires on Friday.
Sovietsky Sport had earlier reported that Zenit wanted to eventually make the 30-year-old Russian squad skipper a coach of the club's youth squad.
Arshavin's stock soared when he spearheaded one of the most dazzling Russian sides in decades to a semi-final appearance to in the Euro 2008 championship.
Arsenal signed him early the following year after paying a 16.5-million-euro transfer and saw him make an immediate impact with six goals in 12 games.
But he only scored once in the Premier League in 13 appearances this season and has only started for the squad on six occasions.