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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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.