The former Gunners star is set to go back to Russia after he was released from his contract the end of last season following a nightmare end to his spell in north London
Arshavin made a blistering start to life in north London on his arrival in February 2009, but steadily tailed off after that and found his performances increasingly subject to criticism from Gunners fans.
The playmaker spent nine years at Zenit before his move to the Emirates back in 2009, and also enjoyed a six-month loan return to St Petersburg last year.
Alexei Miller, chief executive of Gazprom, who own the Russian club, told the Sun: “We have to remember that Arshavin is a product of Zenit.
“And I think it right that a product of Zenit finishes his career at his native club. Arshavin is a great Russian footballer and a great Petersburg sportsman.”
Arshavin made just 11 appearances for Arsenal last season.