The Russian midfielder has struggled for game time this season with the Gunners, making just seven Premier League appearances.
With his contract due to expire at the end of the campaign, the 31-year-old is set to leave north London, ending his four-year stay at the Emirates Stadium.
Former Liverpool player John Toshack has recently been named as Lankaran’s new manager, and has been given a large transfer budget to attract established European players to the club.
Arshavin is believed to be his top target, with the finances in place to offer him a bumper salary.
Should he move to Azerbaijan, the midfielder could expect a basic wage in the region of £100,000-per-week, making him the highest paid footballer in the country by some distance.
The ex-Zenit Saint-Petersburg star is believed to be keen to stay in London, with Fulham rumoured to be willing to take him to Craven Cottage.
But, with the move representing his last chance at a bumper pay cheque, the Russian international could be tempted.
Lankaran have confirmed their approach, but Arshavin is yet to make a decision.
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