Zenit have said they are willing to sell the Russia playmaker but have been accused by Arshavin's agent of trying to inflate the transfer fee.
Arsenal have had a bid, believed to be around £10m, rejected, but Wenger is hopeful the clubs can reach an agreement before the transfer window closes on February 2.
"We are not close to signing today. Then again we are in negotiations, yes, but we want to respect our principles," said Wenger.
"I'm very hopeful because the transfer market closes on the 31st (sic) and we are not halfway yet. If it doesn't happen it doesn't happen but we want to improve."
Wenger's public statements about Arshavin represent a break from his usual operating style, with Arsenal having previously announced major signings out of the blue, such as Jose Antonio Reyes and Tomas Rosicky - the latter snatched from under the noses of Tottenham and Atletico Madrid.
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