According to Tuttosport, the Old Lady are planning to offer Zenit a deal, in which striker Vincenzo Iaquinta will be heading towards the Russian champions.

Earlier reports have suggested that Zenit president Aleksandr Dyukov failed in convincing Arshavin to stay with the UEFA Cup holders.

Dyukov is keen not to let Arshavin go unless he secures the services of another striker.

Since joining Juventus from Udinese in 2007, Iaquinta failed to establish himself as a starter in the presence of David Trezeguet, Alessandro Del Piero and most recently Amauri.

Arshavin is already being chased by the likes of Barcelona, Arsenal and Bayern Munich after his impressive displays with both Zenit in last season's UEFA Cup, and the Russian national side at EURO 2008.