Two weeks ago the Russian said he prefered a move to Spain, expecting interest from Barcelona and Real Madrid.
But his age has been a big talking point in Spain, discouraged by the fact he is 27 and yet to break into big-time European football.
Dennis Lachter: "The stable situation in the club and the influence of Arsene Wenger to Arsenal and to English football is huge. I think this is an advantage.
The Fight Is On For Arshavin!
"If Arsenal go for Arshavin it could be really good for both parties. Arsenal is a very young team and Arshavin is 27.
"There's something about combining young and older players, they propagate attacking football."