The former Russia international seals his comeback to the club where he started his professional career, as well as spending a spell on loan in 2012, with the move set for July 1
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Arshavin started his professional career at the St Petersburg side but left the club for Arsenal in the 2009 January transfer window for £15 million
He had since made over 100 Premier League appearances for Arsene Wenger's men but lost his place in the first team as he failed to start a single league game in 2012-13.
The 32-year-old already spent the second half of the 2011-12 campaign on loan at Zenit and he has now sealed a permanent return to his boyhood club.
Arshavin won two league titles and a Uefa Cup during his first nine years in the Zenit side.