The Russian midfielder has long been the subject of speculation linking him with a move away from the Emirates Stadium, and Royals' owner Anton Zingarevich has admitted to holding an interest in securing the 31-year-old's services.
Arshavin has struggled for playing time in recent seasons. He was loaned out to Zenit St Petersburg last campaign, and so far has been limited to substitute appearances this term.
However, international team-mate Pogrebnyak - who turned down a contract offer from Fulham to join Reading in the summer - believes Arshavin could be a great asset as they aim to secure top flight survival following promotion from the Championship last season.
He told rg.ru: "It's Arshavin who has to make the decision. Anton Zingarevich knows him well enough without listening to my opinion, as he is from St Petersburg.
"Andrey is a master and there is no doubt that it would be great to see him at Reading."
Pogrebnyak has netted five goals since his move to Berkshire but Brian McDermott's side have yet to taste victory since returning to England's top tier.
|A WIN WORTH WAITING FOR|
|10/3||Reading are 10/3 with bet365 to claim their first Premier League win by beating Everton on Saturday|
But in spite of Reading's poor start to the new term Pogrebnyak insists he does not regret his decision to leave Craven Cottage and join the Premier League new boys.
He added: "My former team Fulham are doing better than Reading at the moment, but I wouldn't say that I am sorry I left them."