Reports have suggested that the Russia international is leaving London.
“Negotiations are still ongoing, to a greater extent on the level of the board of directors of Arsenal,” Mitrofanov told Radio Zenit.
“Occasionally the Londoners come to us to clarify some details.
“It is our belief that the chances Arsenal will come to an agreement on the purchase of Arshavin is very high.
“But as we have stated before, to acquire the player two conditions need to be respected: The transfer will cost at least £15 million and the fulfilment of the financial obligations from both player and club to Zenit.
“Only by meeting these two components can he move and if Arsenal are fairly close to approving the transaction, it is difficult to say the same about the player.”