Reports surfaced last week that Arshavin could hang up his boots in the summer at the age of 31 when his Gunners contract expires.
The Russia international has since denied those claims, saying he will leave Arsenal but that he is on the lookout for another club.
Pogrebnyak says his international team-mate still has the desire to play at the top level.
"In response to those rumours that Arshavin will end his career I can only say one thing - this is nonsense," the Reading striker told izvestia.ru.
"Andrey is full of desire to play football on a high level and become a useful member of the team.
"When he played during the season he had one of his best performances when he got the chance."
Speculation also surrounds Pogrebnyak's future, with the striker being linked with a summer exit and a potential return to Russia if Reading are relegated from the Premier League.
But the 29-year-old insists his focus is on the Royals' battle for survival, with their hopes of avoiding the drop appearing increasingly bleak.
"Everything will be decided by the end of the season," he added.
"Believe me, I don't have time to think about my contract. All of my thoughts are about the Reading games.
"I think we have very little chance (of avoiding relegation) but we'll fight until the end."