The 26-year-old is one of the country's brightest talents and is thought to be keen to leave reigning Premier Liga champions Zenit for a new challenge.
"We have three offers for Arshavin. All three are from strong European teams", Arshavin's agent Pavel Andreev told Sport Express.
"We are currently considering the pros and cons of each and carrying out consultations. Andrei wants to leave and is interested in playing abroad.
"Everything will be in place no later than Wednesday."
However, Zenit spokesman Konstantin Sarsania insists no approach has been made for the player.