Usmanov sold his 30 per cent stake in the Gunners for £600million last month to owner Stan Kroenke.
The Mirror says the 64-year-old is ready for his next venture by getting League One Charlton out of a financial mess.
Fans have been protesting against their current owner Roland Duchatelet, who has put the club up for sale for around £20m, with staff still waiting to receive their bonuses.
Financial difficulties have got so bad at Charlton that staff aren't allowed to eat crisps at their desks to save on cleaners and staff meetings have been held in the dark to keep an eye on electricity costs.
But Usmanov wants to stay in football and after deciding against investing in Everton, he could now use his wad of cash to help catapult Charlton back up the leagues.