According to Sky Sports News, the 30-year-old - who has struggled for form this season - could sign for his former club on Friday’s Russian transfer window deadline-day.
The attack-minded midfielder was linked with a move away from Arsenal throughout January, and now it appears a switch is imminent.
It is possible that Gunners manager Arsene Wenger was waiting for winger Gervinho to return from international duty with Ivory Coast at the Africa Cup of Nations before allowing the move for the Russian.
Arshavin spent eight years of his professional career at Zenit before his £15 million move to the Emirates Stadium.
He has made 133 appearances, scoring 30 goals, for the Gunners since his arrival in February 2009, in addition to 67 caps for the Russia national team.