The Russia international has also been linked with Manchester City in the Sunday newspapers.
“I can confirm that Zenit did get an official offer from Arsenal about Andrei Arshavin,” Zenit spokesman Alexei Petrov told the Mail on Sunday. “It was rejected as insufficient.
“They offered about £10 million. No new offers have arrived from them since.
“At the moment, Arsenal are the only club to have approached us about the player.”