Arsenal boss Arsene Wenger hopes to land Zenit St Petersburg midfielder Andrei Arshavin for £12 million.

The Sun says the Gunners, who have eyed the Russian striker for months, hope to seal a cut-price deal after his club Zenit St Petersburg dropped their £20m asking price.

Agent Dennis Lachter said: "Maybe somebody will call me tomorrow to say there is an agreement.

"Whenever that is concluded I will come over to represent my client."

Zenit tried to hold out for £20m after Arshavin starred at last summer's European Championships.

But club bosses now admit they will drop their price due to the credit crunch and, according to Russian sources, the two clubs officially opened talks yesterday.

General director Maxim Mitrofanov revealed: "It's very difficult to discuss the Arshavin value.

"We want to get an adequate payment.

"It will depend upon the particular offer from the particular club. We also need to see what player will be coming to us to replace Andrei."