The lubs have been unable to agree a transfer fee for the midfielder, 27, and Zenit now appear to have lost patience with the Gunners.
Arshavin rose to prominence as Zenit won the Uefa Cup last season and followed that up by impressing for Russia in Euro 2008.
"If Arsenal don't accept our terms, then Arshavin will not be sold to them," Zenit's general director, Maksim Mitrofanov, told Sport Express.
"In any case this will be resolved by Saturday evening. Arshavin may still end up in England. Several other clubs are interested in him, who haven't yet issued an official approach, but who are ready to do so."
