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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.