The 27-year-old made a transfer request in January but remained at Ewood
Park after the winter window closed when a possible move to QPR or
Tottenham failed to materialise.
Anzhi have made a number of
notable signings of late, funded by billionaire owner Suleyman Kerimov.
Their squad already boasts Cameroon striker Samuel Eto'o, Russia
international Yuri Zhirkov and former Brazil defender Roberto Carlos,
while they have also
been linked with a number of other high-profile players.
Zenith St Petersburg have been after the 30-year-old forward for the past 12 months and are believed to have offered a £1million loan fee.
They will also stump up the Russia international's wages.
Arshavin, who cost the Gunners a club record £15m from Zenit in 2009, had fallen out of favour with boss Arsene Wenger.
The player told his official website: "I have moved to Zenit. On loan, will play under No 29."
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