Zenit Radio claims that Zenit St Petersburg have rejected Arsenal's latest offer for Andrei Arshavin, but negotiations are reportedly ongoing. The Gunners chairman Peter Hill Wood stated that an improved offer of £12 million + &ound;3 million in add-ons was to be their last bid.
"This is our final offer. We do not intend to continue to raise the sum. If we do not purchase Arshavin, then so be it."
Zenit are holding out for £20m for the Russian playmaker.