Russia’s most wanted footballer Andrey Arshavin will sign a contract with Arsenal by the week's end says the player’s agent Denis Lakhter.

The offer on the table is believed to be around £16 million. If the deal is struck, it would break the Gunners’ previous transfer record of £13 million for French international, Sylvain Wiltord.

Arshavin’s club, Zenit Saint Petersburg, wanted £20 million for the player, while Arsenal was ready to pay just £10 million, but now it seems the sides are close to compromise and the 27-year-old has his sights firmly set on a move to the Emirates Stadium.

Arsenal’s coach Arsene Wenger, who is in need of a high class midfielder after his main man Spaniard Cesc Fabregas received a serious injury, also seems confident of the move.

Talking to the British Daily Mail newspaper, he said that the negotiations are underway and Arsenal’s chances to grab Arshavin are high.

Andrey Arshavin came to international prominence at Euro 2008 when he was named on the team of the tournament, and during Zenit's UEFA Cup winning triumph last year.