Maxim Mitrofanov told the Russian daily that, "We get the impression that we are more interested in the deal taking place than Arsenal...In any case, a decision on the sale or non-sale of Arshavin will be taken on Friday or Saturday. However, for 12 million pounds ($16.3 million) Arshavin will not be sold."
Arsenal chairman Peter Hill-Wood said earlier that the London club would not increase their offer of 12 million pounds.
Mitrofanov also told the Guardian that there was "already some agreement between Arsenal and the player about the terms of his contract."
"As CEO I've suggested to my board several options. The Zenit president, [Alexander] Dyukov, told me last night that the board is split on which to choose," he added.
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."
