Zenit St. Petersburg have reportedly lowered their asking price for Andrei Arshavin, giving Arsenal a last chance to secure the transfer of the Russian International before the January transfer window closes.

The Arsenal-Arshavin saga has been going on for some time now, with the Gunners - like their Premiership rivals Tottenham Hotspur who tried to sign the playmaker last summer - having so far failed to agree on a fee for Arshavin.

Arsenal are standing firm on their final offer of £15million, with Zenit now understood to be contemplating the final offer to take Arshavin to the Emirates Stadium.

The Zenit board haven't disclosed their lowered price, but it is understood that they have made a big cut from their original estimation of £20million.