Andrey Arshavin's agent says his client has turned down a move to Russian club Anzhi Makhachkala and wants to stay at Arsenal.
The 30-year-old has been heavily linked with a move back to Russia having struggled to settle in England since his £15million switch from Zenit St Petersburg in 2009.
Arshavin has struggled to adapt to life in London and his performances on the pitch have gone rapidly down hill as a result, Arsene Wenger opting to start him on the bench for the majority of matches this season.
He was on the bench against Bolton on Wednesday but didn't get on, sparking rumours he could be on his way back to Russia.
Mega-rich club Anzhi Makhachkala are thought to be interested in Arshavin and have reportedly tabled an undisclosed offer for the playmaker, who could move this month with the Russian transfer window not closing until February 24.
However, Arshavin's agent has now rubbished those reports and says he is ready to stay at the Emirates Stadium.
"Andrey doesn't think it is time to go back yet," Phil Smith told Goal.com.
"He still feels he has a lot to do at Arsenal. He wants to win something, fulfil his ambitions and recover his form both for Arsenal and ahead of the European Championships.
"The Russia window lasts until 24th February and a guy representing Anzhi has made a tentative approach.
"But Andrey is not going to talk to the Russians because he doesn't want to leave and Arsenal don't want him to go, either. A lot depends on the summer."