The 31-year-old has been deemed surplus to requirements at the Emirates Stadium this term, making only a handful of Premier League appearances.
Manager Arsene Wenger has told the Russian that he will not be given a new contract at the end of the season, and will be allowed to leave on a free once his deal expires.
Despite rumours of a number of clubs from the MLS, China and even Azerbaijan being interested in his signature, Arshavin is reportedly considering ending his playing days.
The Gunners made the former Zenit Saint-Petersburg man their record signing in 2009, paying the Russian giants £15m for his services.
He impressed initially, but over the course of the past few seasons he has struggled to hold down a regular starting berth, and was even loaned back to Zenit last year.
Away from the field of play, Arshavin’s marriage has broken down in recent times, and he is said to be dating an unknown English woman.
Due to this he is keen to stay in the country, and may well spurn lucrative offers to move abroad.
Fulham and Reading are thought to be interested in the impish midfielder, but there have been no official offers from either side.
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