Arsenal have set a deadline for Zenit St Petersburg to accept their offer for Andrei Arshavin.

While it is clear the Russians are resigned to losing the wantaway player, it will only be if the price is right.

With Arsenal, whose record transfer fee paid is £13million, having so far refused to match that figure - with them looking to lay out around £12m plus add-ons - the clubs appear to be at an impasse, although Zenit have indicated an improved cash bid up to £15million would secure the player's services.

It has even been suggested Arshavin, 27, could be willing to invoke new FIFA legislation and eventually buy himself out of the remainder of his contract later in the year should an agreement for his transfer not be reached this month.

Arsenal have so far not made any official comment, other than Wenger revealing negotiations were ongoing.

The Barclays Premier League club are, though, understood to have set a deadline of Monday one way or another for what has turned out to be the most protracted saga of the January transfer window.