It has been reported that the Russian club agreed to pay a £1 million loan fee as well as paying the striker’s wages until the end of the season.
Arshavin, who was a £15 million January signing he joined from Zenit in 2009, said on Twitter: "It’s done."
The Russian, who was a revelation in the opening spell of his time in north London but has been struggling for form and fitness recently, made 98 league appearances for the club, scoring 23 goals.
A measure of how far his stock had fallen came in Arsenal's recent match against Manchester United when Wenger bringing Arshavin on as a late substitute prompted a chorus of boos from the stands.
Arshavin told Sport-Express in Russia: "Friday was a very difficult day, nothing was decided until the very last minute.
"But I hope from now on everything is going to be fine. I want to play and will do all I can to help Zenit win the Russian title."
Arshavin, who will wear the number 29 shirt at Zenit, appears tom have left with Arsenal's blessing, getting him off their wage bill and allowing the player to "maximise his opportunities for regular first-team football ahead of Euro 2012".
- Telegraph.co.uk
Good luck Arshavin. It is better for him to go Russia to get better chance of playing for Russia. Maybe he will do well there.
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