Zenit St Petersburg are ready to sell Andrei Arshavin to Arsenal.
A Zenit insider revealed to The Sun: "Negotiations between the clubs about Arshavin are continuing.
"Since both sides want them to be successful, we should expect a good outcome soon - and certainly before the end of the transfer window."
Club spokesman Alexei Petrov revealed: "I can confirm that Zenit did get an official offer of about £10m from Arsenal for Andrei Arshavin.
"It was rejected as insufficient. No new offers have arrived from them since.
"At the moment, only Arsenal have officially approached us about the player."
The bid is far below Zenit's asking price of around £23m set last summer.
But Arshavin is allegedly 'desperate' to play for the Gunners and has even been taking a crash course in English.