The Russian forward has fallen out of favour at Arsenal ever since his form began to decline during the latter stages of 2010.
Arshavin only made a handful of appearances last term before joining former club Zenit St Petersburg on a six-month loan deal.
Indeed, Zenith had the option to make Arshavin’s move a permanent deal this summer, but his poor performances which echoed his Arsenal woes saw the Russian giants reject Arsenal’s proposal to let them have Arshavin for a cheap price last month.
With the Russian Premier League season only days away from kick-off, Arshavin has re-joined his parent club in London and has being training with the Gunners for the past week.
Arsenal have reportedly slapped an £8 million price tag on the player, but as of now, no club has made an official bid for the man who once scored four goals in his first match at Anfield almost three years ago.
Arshavin has one more year left on his current Arsenal contract, but at the age of 31 and still underperfoming, it remains unlikely that Arsene Wenger would like to keep him at the Emirates stadium.
Nonetheless, should he impress during the Gunners’ pre-season, he could escape being offloaded before August 31. That scenario would see him follow the footsteps of Tomas Rosicky who began last campaign as one the squad’s forgotten members but ended the season as an encouraging option to have after resurrecting his Arsenal career with some sublime performances – including his show in the 5-2 victory over Tottenham.