Arshavin has been linked with Zenit as he is a free agent this summer.
Arsenal attacking midfielder Andrey Arshavin is available on a free transfer this summer and is expected to return to Russia with Zenit St Petersburg, reports the Mirror.
The forward, who turns 32 on Wednesday, was reportedly on £90,000-a-week at the Emirates and is keen to continue his playing career for at least another three years.
Arshavin signed for the Gunners from Zenit in January 2009 for £14.5m, yet has failed to show any real consistent form during his time in north London.
Therefore it is expected the Russian would like to return to the club he spent 10 years at, despite interest from the MLS, the middle east and Turkish side Fenerbache.
Zenit boss Luciano Spalletti is clearly keen to bring Arshavin back to the Russian league.
“Andrey is an interesting player for any big club in Russia because he is charismatic and has quality,” the manager said.
The forward impressed Arsenal fans during his first season at the club when he scored all four goals in a thrilling 4-4 draw with Liverpool in the Premier League.
However, since that debut campaign Arshavin had failed to live up to the expectations of him and he was actually loaned to Zenit in 2011/12 due to his lack of opportunities at the Gunners.
This season the Russian has managed just 11 appearances in all competitions, although he did provide three assists during Arsenal’s dramatic 5-7 League Cup win over Reading back in October 2012.
The departure of Arshavin will free up some much needed cash for manager Arsene Wenger to use to tempt the expected influx of players this summer.