Arshavin has openly welcomed the prospect of a move to Spurs
Tottenham have ended their interest in signing Russia playmaker Andrei Arshavin, BBC Sport understands.
Zenit St Petersburg had wanted as much as £24m for Arshavin, 27, but even after lowering their asking price, Spurs are now pursuing other targets.
One of those is not, though, Michael Owen, contrary to media reports.
Russia striker Roman Pavlyuchenko was another reported transfer target, but boss Juande Ramos's interest has apparently cooled over recent weeks.
With Dimitar Berbatov likely to leave White Hart Lane before the end of the month, Spurs are keen to bring in a new forward capable of leading the line in a 4-5-1 formation.
The likes of Atletico Madrid's Diego Forlan, Blackburn striker Roque Santa Cruz and Diego Milito of Real Zaragoza are thought to be under consideration, but newspaper links to Sevilla's Fredi Kanoute are wide of the mark.
Spurs lost their opening league game of the season at Middlesbrough on Saturday, with striker Darren Bent unable to replicate the impressive form he has shown in pre-season friendlies.
And with Berbatov continually being linked with Manchester United and Irishman Robbie Keane already sold to Liverpool for £20.3m, Spurs are keen to make a move in the market as early as next week.
Arshavin, so impressive in Russia's run to the Euro 2008 semi-finals, was thought to be an ideal replacement for Keane, and spoke recently of his desire to join the Londoners.
"When Tottenham made their offer, I was sceptical at first," Arshavin said. "But after Spurs boss Juande Ramos called me personally and told me that he wanted me in his side, the situation changed and I agreed in principle to join them."
Arshavin's agent Dennis Lachter also told BBC Sport: "It is my prediction that Arshavin is going to be a Tottenham player this season."
However, as with Barcelona earlier in the summer, Spurs appear to have been put off a deal for the Zenit forward.
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