"Barcelona had failed to improve their original offer of 15 million Euros, thus we decided to end our negotiations with the Spanish club," Zenit said on their official site.

"We have not received any offers for Arshavin from any other clubs, therefore there are no discussions going on about his transfer."

Zenit coach Dick Advocat admitted earlier that keeping the 27-year-old wizard is unlikely, but implied that his selling price will not be under €25M.

Arshavin was linked with Barcelona and Chelsea after the end of EURO 2008, which saw him impressing for Russia.