Arshavin has been a bit-part player at Arsenal this year following the arrival of Gervinho and the rise of new signing Alex Oxlade-Chamberlain.
The Russian has made most of his 27 appearances this term as a substitute and has fallen out of favour with Arsenal's fans, who booed when he came on for Oxlade-Chamberlain during the club's home defeat to Manchester United.
Zenit general director Maxim Mitrofanov told Russian newspaper Sovietsky Sport that he is hopeful of persuading the 30-year-old to return to the club where he spent 11 years before moving to London.
Mitrofanov said: "We talked with them. Let's see how they themselves continue to lead.
"Andrey still wants to play in England. (But) For Andrey it is very important to play in the Euros and being at a home club would be a good option in the current situation.
"Therefore, we are discussing the possibility to loan (Arshavin)."
Any deal would have to be concluded by Thursday night when the Russian transfer window closes.
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