Zenit St Petersburg are hoping to bring Andrey Arshavin back for a second spell at the club, with a loan approach having been put to Arsenal.
The Russia international has struggled for form with the Gunners this season, sparking speculation that he could soon be on his way out of the club.
A return to his homeland was widely touted during the January transfer window and could still be pushed through as Russian clubs have until the end of February to complete their transfer business.
Zenit are looking to pull off a major coup by snaring Arshavin, with it their intention to tempt the 30-year-old with the promise of regular football in the build-up to Euro 2012.
"Arshavin would interest us in terms of having him on loan," Zenit general director Maxim Mitrofanov was quoted as saying by local media on Wednesday.
"[Besides helping Zenit] Andrey would also be well prepared for the upcoming Euro 2012 finals. The question is what Arsenal really want, would they want a loan deal?"
Asked if Zenit had already made contact with Arsenal, Mitrofanov said: "We had [initial] talks with them. Let's see how they respond now."
Arsenal signed Arshavin from Zenit in January 2009 and he has made over 130 appearances for the club.
Arsene Wenger has previously stated that he has no desire to part with the talented playmaker, with players of his ability in short supply.
Zenit accept that Arshavin would rather remain in England and recapture his best form at Arsenal, but have made it clear that their door is always open should he change his mind.
"The fact is Andrey still wants to play in England," Mitrofanov said.
"But he really wants to do well at Euro. [Zenit] would be a good solution for him in this case."