The Russian is currently on loan at former club Zenit St Petersburg until the end of the season following a lack of appearances at the Emirates Stadium.
Arshavin, who moved back to Zenit to improve his chances of making the national squad for the Euros, insists that he will speak to Gunners manager Arsene Wenger after the tournament in Poland and the Ukraine.
"I left Arsenal in February to try and regain my level to play for Russia and after the last few months with Zenit I believe it was a successful choice," he said.
"The offer from Zenit was good in every sense. If I had stayed in London then I am convinced that my chance to make the final squad for Russia would have passed.
"I suffered different problems at Arsenal. I lost the confidence of the coach. I wasn't sure why, but I wasn't getting the chances to play. After the Euros, I will study my future, think about it. And I would like to talk to Wenger before I make any decision."
Arshavin moved to Arsenal from Zenit in 2009 for £15m.