The Gunners hope that Arshavin will finally leave the club before the Russian transfer window closes on Thursday.
The Telegraph reports that Dynamo Moscow have shown the strongest interest in the Russia international.
Dynamo have yet to make the 31-year-old a formal contract offer.
Arshavin joined Arsenal for a fee of around £13million in 2009.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.