Tottenham reportedly offered around 19 million pounds ($38 million) for the 27-year-old forward. However, Zenit, who earlier turned down a bid of 19 million euros ($23.4 million) from Barcelona for their talented striker, apparently decided the proposed sum was insufficient.
The team's Dutch trainer, Dick Advocaat, was quoted by the agency as saying that Zenit respected Arshavin's desire to play in Europe, but the club would not let the player go if its valuation of him was not met.
The Russian champions and the UEFA Cup holders are believed to want around $45 million for Arshavin.
Tottenham, who sold Irish international Robbie Keane to Liverpool on Monday for some 20 million pounds, have also been linked with Spartak Moscow striker Roman Pavlyuchenko. The Spartak captain has apparently been lined up as a possible replacement by Tottenham for the Bulgarian Dimitar Berbatov, rumored to be on his way to either Manchester United or Barcelona.
Both Arshavin and Pavlyuchenko starred as Russia unexpectedly reached the semifinals of Euro 2008 in June.
