Arsenal have been told by Zenit St Petersburg that they will miss out on signing Andrei Arshavin if a deal for the Russia international is not concluded on Saturday.
The two clubs have been unable to agree a transfer fee for the 27-year-old play-maker and Zenit now appear to have lost patience with the Gunners.
"If Arsenal don't accept our terms, then Arshavin will not be sold to them," Zenit's general director, Maksim Mitrofanov, told Sport Express.
"In any case this will be resolved by Saturday evening.
"Arshavin may still end up in England. Several other clubs are interested in him, who haven't yet issued an official approach, but who are ready to do so."
The player added: "I can only wait and see how the situation resolves itself.
"I know about Arsenal's offer and I consider that, according to the current state of the market, to be more than adequate.
"But clearly I am not the one who will make the decision."