"The clubs share a common desire to do the deal. Talks are continuing," Maxim Mitrofanov told the paper.
His announcement came shortly after a press officer for the club had told Radio Zenit that a deal that would have seen Russian international Andrei Arshavin sign for Arsenal had broken down.
The Zenit forward has been in London all day and was earlier reported to have passed an Arsenal medical. Reports in the British press also said that the two clubs had agreed on a fee, and that Arshavin had agreed on personal terms with the north London side. However, there was some confusion over the signing-on fee, with reports indicating that the Russian club were demanding half.
The transfer window closed at 17:00 GMT. However, an extension has been made for deals that have been agreed on "in principle" due to the snowstorms that have paralyzed much of Britain.
Arshavin, 27, emerged from the shadows of Russian soccer last summer after unexpectedly leading the national side to the semi-finals of Euro 2008.
