"The club has been carrying on talks with Tottenham Hotspur at the request of forward Andrei Arshavin on the possibility of his transfer. In line with our agreement, the British club was to forward its proposals on the issues that the sides failed to agree on at an earlier stage. However, at present Zenit has not received any these proposals," the statement read.
"Taking into account the forthcoming closure of the transfer window [on August 31], the current uncertain situation does not allow the club to seek a replacement for Arshavin. Therefore, Zenit must consider the issue of his transfer to Tottenham closed," the statement ended.
Both Tottenham and Barcelona had earlier been linked with 27-year-old Arshavin, one of the stars of Euro 2008. However, Zenit first turned down a $23.4 million bid from Barcelona as being "too low," and then rejected a $40 million offer from English Premier League side Tottenham Hotspur, according to media reports.
Arshavin has made no secret of his desire to leave Zenit, saying he needs a "new challenge."
Zenit, the 2007 Russian champions and the UEFA Cup holders, are currently struggling in the domestic league, 11 points behind leaders Rubin. The club starts its first ever Champions League campaign in mid-September.
