New Delhi: Zenit St Petersburg have rejected Arsenal's latest offer - said to be the club's final offer - but reports from Russia indicate that negotiations are still ongoing.
Arsenal's public pursuit of Euro 2008 and last year's UEFA Cup star, Andrei Arshavin, has been well documented.
After having initial bids of £10-12 million rejected, Arsenal stated that an improved offer of £12 million + £3 million in add-ons was to be their last bid, as Gunners chairman Peter Hill-Wood declared:
"This is our final offer. We do not intend to continue to raise the sum. If we do not purchase Arshavin, then so be it."
According to Zenit Radio though this latest offer has also been rebuffed, yet Russian media outlet Interfax are stating that negotiations are still ongoing.
The north London club are reportedly leading the chase for the player's signature, as director Ken Friar has remained in St Petersburg to discuss terms with Zenit general manager Maxim Mitrofanov.
Arsenal's valuation still falls some way short of the £20 million that Zenit are holding out for.
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