Arshavin joined Arsenal from Zenit for a reported £15million in January 2009, but failed to make the expected impact at the Emirates.
The 32-year-old spent time on loan at Zenit in 2012.
“One of the best footballers in Russia of the last decade is returning to his home city,” Zenit said in a statement.
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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.