Arsenal won all five games that Arshavin appeared in last month, as the player set up goals against West Bromwich Albion, Burnley, Newcastle United and Blackburn Rovers.
However, it was Arshavin's first goal for the club on March 14 that grabbed the headlines, the 27-year-old beating Blackburn defender Danny Simpson with a tricky piece of footwork before blasting into the roof of the net from the tightest of angles.
Arshavin received 54.9% of the vote, pushing Dutch star Robin van Persie, winner of the last four awards, into second place with just 10.9%. He will receive the award on Saturday before Arsenal's home match against Manchester City.
The former Zenit St. Petersburg player signed for the club for some at the start of February after protracted and torturous transfer negotiations, but did not make his debut until toward the end of the month.
Despite Arsenal's recent good form, Arshavin said earlier that the club was not yet guaranteed fourth place and a 2009/10 Champions League spot ahead of Aston Villa.
"I don't think we have already got a place in the top four. Aston Villa have just had a tough series of games - they have played against all the leaders. We still have similar matches to come," he told Sport Express.
But he also said Arsenal still had a chance of winning the title.
"If we win all our remaining eight games, we have a real chance of becoming champions," he said. "After all, we have to play all our rivals. We'll aim for this, but as to how realistic this is, only time will tell."
Arsenal, 10 points behind Manchester United having played one more match, travel to Liverpool on 21 April, host Chelsea on May 9, and then go to Old Trafford a week later.
