Arshavin has played a bit-part in the Gunners season so far, but does not seem at all happy in the club and has not set the English Premier League alight by any stretch of the imagination.
It is being reported that he will head back to Zenit St Petersburg, the side that the Russian joined Arsenal from in 2009 for £15 million.
It looks as though the Russian champions will be able to re-sign the midfielder for as little as £5 million though, which they will see as fantastic business.
He is also one of the highest earners at the North London side, which means they may be happy to let him go in the New Year. Arshavin spent three months on loan at Zenit last season and it does seem as though this is where he wants to spend the next few years of his career.
With Arsene Wenger likely to do plenty of business in the transfer window, he is sure to need to offload a few players and it does seem as though the out-of-form Arshavin will be on his way out of the Emirates Stadium.
We shall see.