The 30 year-old has been linked with a move away from the club for the past year now, and rather than lose their man on a free in the summer when his contract expires, the Gunners seem keen to cash in on him now.
Most of the interest Arshavin has been receiving would mean a return to his native Russia, with Zenit St. Petersburg and Anzhi Makhachkala both showing interest in the pint-sized playmaker.
Arshavin spent nine years at Zenit, including his youth career, and would surely favour a return to his old club.
However, Anzhi have flexed their financial muscle over the past year and should a more lucrative offer come in from the big spenders, Arshavin may see the side as a better pension plan.
Since arriving in 2008, the versatile midfielder has made 127 appearances for the Gunners, scoring 30 goals as well as a number of assists.
Arshavin showed the potential for ferociously fast-paced play at times but slowly simmered away and has failed to hit the heights that put his name on everyone’s lips at Euro 2008.
Despite moving to the North London outfit for £15m, Arshavin is now only valued at half of that and could bring in as much as £8m from his sale as Arsene Wenger looks to make some moves of his own.