Dynamo manager Andrey Kolebec told sovsport.ru that the club believed that the 24-year-old deserved the chance of a permanent deal.
"There were substantial discussions on Kokorin, but it did not happen," he said. "We vetoed a loan. I believe that Aleksandr deserves more than a loan."
The player's agent later confirmed to the same publication that it had indeed been Arsenal who made the offer. Cyril Loginov explained that his client still has a strong relationship with his club and accepted their decision to reject the offer.