The Gunners are understood to have submitted the necessary paperwork to the Premier League before Monday's 5pm deadline and are confident of securing the services of the Russia playmaker.
But the transfer could not be processed on Monday evening, leaving the north Londoners with an anxious wait to find out if their protracted pursuit of the 27-year-old will be ratified.
Amazingly for a deal which has been under discussion for the duration of the January transfer window, the proposed move went to the wire.
If Arshavin does become a Gunner, it is likely to cost manager Arsene Wenger around £15million - a club record.
It is understood that Arshavin would wear the number 13 shirt vacated by Alexander Hleb when he joined Barcelona last year.
The transfer looked likely to proceed in a relatively straightforward fashion when the Zenit St Petersburg midfielder was pictured in Hertfordshire on Monday morning, having flown into the country on Sunday.
However, sources close to the deal then revealed that Arshavin was on his way back to a London airport and the transfer was on the brink of collapse.
But negotiations continued behind the scenes with the asking price, personal terms and a possible payment from Arshavin to Zenit all mooted as potential sticking points.
Wenger has been a vocal critic of the winter transfer window but is nevertheless keen to add to his increasingly injury-hit squad.
Arshavin was identified early on as the club's number one target as Wenger looked to compensate for the losses of long-term injury absentees Cesc Fabregas, Tomas Rosicky and Theo Walcott.
But the pursuit has proved a troubled one, with contradictory early statements from Arsenal and Zenit providing a hint of the difficulties to come.
Zenit, though, look to be readying themselves for life without their star attraction and have on Monday finalised the capture of Hungarian midfielder Szabolcs Huszti.
Wenger was adamant at the weekend that his flagging squad did not need an "instant saviour" but Arshavin, who starred for his country in last year's European Championships, is seen as a potentially galvanising influence for a side who are enduring one of their most disappointing seasons under Wenger.
They currently lie five points adrift of fourth-placed Aston Villa after successive league draws against Everton and West Ham.
Arsenal also drew 0-0 in the FA Cup fourth round against Cardiff on January 25 - a tie that was due to be replayed on Tuesday night at the Emirates Stadium.
But the severe snow which has hit the capital has led to a postponement of that fixture, which will now go ahead on Monday February 16.
There was some good news for Gunners followers on Monday, though, with Wenger revealing that England winger Walcott could be just a month away from a comeback.
Walcott has been missing since dislocating his shoulder on international duty in November but is progressing well and could be available by the beginning of March.
"Walcott is the closest because he has four weeks before he sees a specialist again and he should get the green light," Wenger said.
The news on fellow midfielders Fabregas and Rosicky, is less encouraging, with both facing a further two months on the sidelines.
Skipper Fabregas is battling back from knee ligament damage, while Czech international Rosicky has been out for a year with a tendon problem.
"Rosicky is eight weeks. Fabregas, I believe, will be six to eight weeks before playing," Wenger told the club's official website.
Spaniard Fabregas had suggested at the weekend that he was ahead of schedule with his recovery, but Wenger remains circumspect.
He said: "I can understand his optimism and we hope, but with a medial knee ligament you have to respect the time."
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