Arsenal smashed their record transfer fee to land Zenit St Petersburg attacker Andrei Arshavin.

Zenit's official website maintained the deal had been completed, although they credited a Russian news agency for the story.

"Zenit, Arsenal and Andrei Arshavin have concluded talks in London," the report on www.fc-zenit.ru read.

"An FC Zenit source has informed Fontanka that the talks were successful, and Andrei Arshavin is moving to Arsenal. The signed documents have already been sent to the English Football Association [Premier League].

"A source close to the discussions has told Fontanka that the terms of the deal are financially suitable to Zenit.

"The St Petersburg club will receive £16.5million - £15m for the transfer of the player and £1.5m compensation for breaking a long-term contract.

"In addition there is a further 500,000 Euros [£450,000] in bonuses which Arshavin has not yet received which will not be paid and instead make up part of the transfer sum.

"The overall sum of the transfer is around US Dollars 24m [£16.9m]."

Should those figures be correct, the deal would represent a transfer record for the Gunners.

Arshavin, who is reported to have been prepared to take a pay cut to join Arsenal, jetted into London yesterday for a medical to complete the deal, and is understood to have now returned to Russia to complete some personal arrangements before starting work at his new club.

Wenger has long been an admirer of the 41-cap Russia international, who shot to prominence at Euro 2008.

While Arshavin could make his debut in Sunday's north London derby at Tottenham, given the Russian domestic season finished in November, the player is more likely to be allowed some time to build up full match fitness.

Arsenal currently lie five points adrift of fourth-placed Aston Villa after successive Barclays Premier League draws against Everton and West Ham.