The Gunners are still locked in talks with Zenit St Petersburg for the playmaker with the transfer fee still the problem and unless a compromise can be reached, it will not happen.
The Russians want a lump sum of £15million for the player and unless Arsenal stump up the cash a deal is unlikely to go through before Monday's deadline.
"There is nothing new on Arshavin, I have been concentrating on the game and not taking calls," Wenger revealed. "But the deal is maybe 90 per cent completed. However, the final 10 per cent of any deal can be the most difficult.
"Maybe in the next two days. In this kind of job it can be difficult at this stage because people can change their minds completely."
Arsenal last week