The 30-year-old Russia international has been linked with a return home, with Anzhi Makhachkala and former club Zenit St Petersburg both linked.
Arshavin has found himself on the Gunners' bench of late with Theo Walcott and Alex Oxlade-Chamberlain the current first choice wingers for Arsene Wenger.
However, despite the Russian transfer window still being open, agent Phil Smith fully expects his client to see out the remainder of the campaign at Emirates Stadium.
"Officially there wasn't an approach and Arshavin doesn't have an offer either," Smith told Sovetsky Sport.
"The club have said they want to keep Arshavin and the player has said he wanted to stay.
"So I think it's not a topic. It's true the Russian transfer window is still open, but it's closed in Europe. It's not usual for club to sell their players at this time."
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