Arshavin has been out of action since picking up a calf problem during the first leg of the Champions League quarter-final against Barcelona and has missed the last four games.
The Russian is making good progress with his fitness and he hopes to be available for the visit of City on Saturday.
"I am recovering and I hope to be back for Manchester City," Arshavin told the club's official website.
"This season has been tough, tight, sometimes it was even difficult for me and my team but in general it was not bad. Hopefully we will win the last three games."
Arshavin admitted he was gutted at not being available to help his side in the recent defeats to Barcelona, Tottenham and Wigan
"It was a shame for me," added Arshavin. "I was watching as my team was losing but it was a shame because I could not help my team-mates."
Arshavin believes Arsenal can take a lot of positives from their performances this season and challenge for the title next term.
"We have got a lot of goals at the end of the games, we managed to do some comebacks and we have to use that spirit next season," noted Arshavin. "We can fight again next season."