Looks like Arshavin is leaving in the January window, with notorious fabricators / b*llsh*t merchants Goal.com claiming he's moving to Reading for £4m. While it obviously doesn't heavily affect the 1st team seeing as he couldn't get a game for toffee, it's a sad moment as he was THE player every Arsenal fan wanted it to work out for. He represented perhaps the only time Wenger has gone out and actually bought a finished, world class player at the peak of his career that clubs everywhere wanted. He's also been linked with Fulham, and I think that would be a much better move for him.
With hindsight, had Arsene known that Fabregas, Nasri and van Persie would force their way out of the club, perhaps he would have built the team around Arshavin and played him in his Zenit role.
Anyway, if he goes, and with Gervinho off to the African Cup of Nations, there's no way Walcott can leave in January. I doubt he will though, as I'm sure he's already signed a pre-contract with another club for the Bosman in the summer.