Arsenal club officials were due in St. Petersburg on Tuesday to discuss their bid for the player. However, Zenit general director Maxim Mitrofanov said beforehand that, "We are willing to lower our transfer asking price. However, Arsenal are sticking to a 12 million pound ($16.7 million) offer."
There is so far no news on the meeting between Arsenal officials and Zenit.
"We still have time, but unfortunately at the moment there is nothing to say about quick movement or new developments," Arshavin's agent, Dennis Lachter said, as quoted by sports news website sport.co.uk
"Definitely money is still the sticking point. I think Zenit are still asking for an unacceptable amount of money, they are still playing very tough," he said.
He also suggested that Arshavin, 27, could buy out his contract with Zenit in November if his transfer fell through.
"We will not go out of contract with Zenit in the summer, we will wait until November. In November he will be able to use his right to buy out [his contract] under Article 17 of the FIFA rules. Zenit will be forced to accept a much lower deal than they are hesitating to take now," the agent said.
Arshavin is currently at a pre-season training camp with Zenit in the United Arab Emirates. The new Russian season kicks off in March.
The forward has made no secret of his desire to quit his hometown club, and announced last year that if he was not allowed to leave in the winter transfer window then he would remain a Zenit player "on paper only."
Arshavin was linked with a number of clubs, including Barcelona and Tottenham, in the summer after leading Russia to the semifinals of Euro 2008. However, Gazprom-controlled Zenit subsequently turned down a number of offers, reportedly in excess of $30 million, for the player as "too low."
