Arshavin is a really tough dilemma for Zenit:
1. On the one hand, they understand that Arshavin is arguably the top player in the RPL. Gazprom has poured all this money into Zenit to buy top players, not sell them. Plus, Zenit most certainly will need Arshavin to make a good showing in the Champions League this fall, in addition to the very difficult task of repeating their RPL title. Without Arshavin, I don't see Zenit winning the RPL title this year.
2. On the other hand, Zenit understands that Arshavin has been a loyal servant to the club. He's spent his entire career in Piter, winning both the RPL and UC recently. He's 27 now, and Zenit understand that he wants to prove himself at at higher level. Plus, after his awesome Euro showings for Russia, this might be the best time to cash in on Arshavin.
--It will be interesting to see what happens to AA, and Zenit will be hard-pressed to keep him if a Euro giant makes a legitimate offer. But personally, I believe Zenit will attempt to convince him to stay until January '08.