"This price tag has frightened everybody off," Arshavin told Sport Express. "Only Tottenham have dared continue negotiations. But as it stands nothing has developed.
"My desire to leave is still as strong, but there is nothing more to do now other than hope for a miracle. I understand perfectly well that if I don't move on now, I probably never will.
With the prospect of his dream move to Barcelona over for now after the Catalans signed Alexander Hleb, Arshavin has turned his attention to the English Premier League and reiterated his desire to work with Spurs coach Juande Ramos.
"When Tottenham made their offer I was sceptical at first," Arshavin continued. "But after Ramos called me personally and told me that that they were selling Robbie Keane and that he wanted me in his side, the situation changed.
"When a coach shows an interest in you, especially such a renowned and strong coach, then that is already half of the success of any move.
"I also like the way Tottenham play, so I agreed in principle to join. A short while later a representative from Spurs arrived to discuss my personal terms and contract. The discussion didn't take long and we agreed on everything quickly. Only then did my asking price go up.
"Tottenham have a decent squad with (Luka) Modric, (Dimitar) Berbatov and other players, and the club is fully capable of fighting for a place in the Champions League.
"The main thing is to try my strengths in a league like the English Premier League and play against the likes of Manchester United, Chelsea and Arsenal on a regular basis rather than once every five years."