In the aftermath of this display Arshavin was the subject of an avalanche of hyperbole. According to commentators and experts across Europe his was a performance to match any seen in the history of the competition.
Some even remarked that the European Championships, often characterised by the brilliance of one individual player, where about to find a new star and that the Zenit St Petersburg forward may well go on to earn his place alongside Michel Platini and Ruud Gullit as players who had almost single handedly won the trophy for their respective nations. In the background bean counters from the continents biggest clubs were hard at work preparing to gazump their rivals in the race for Arshavin's signature.
Then came the semi-final and a rematch between Russia and Spain. The Russian bear had been humbled by the Iberians in their opening match but that was without the suspended Arshavin. With the little wizard in imperious form Russia had every chance of finding themselves in the final, a remarkable achievement given their inauspicious start. The stage was set for Arshavin to claim his place as one of the top players in European football. And what happened?
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Nothing. The world looked on as Arshavin and his Russian comrades choked. Whereas the Dutch had given the play-maker the freedom of Basel to pick them apart, the Spanish had other ideas. Marshalled superbly by Spain's Senna, Arshavin had little to no impact on a match during which Russia were completely outplayed by a technically superior side. Instead it was left to Arsenal's Cesc Fabregas to eclipse the little Russian.
Now every good player has an off night and unfortunately for Arshavin, his came in a European Championship semi-final. Such was his ineffectiveness, however, almost as quickly as interest in him had risen, did it fall away sharply.
Jose Mourinho was first to air concerns, dismissing his interest in signing the forward for new club Inter Milan because of his questionable attitude and mentality. Barcelona - cited by the player as his preferred destination - retained their interest but baulked at Zenit's asking price. Interest from other clubs faded away as quickly as it had appeared, until today when Zenit officials let slip that a side from London - Tottenham Hotspur - were willing to pay £16m for his services.
According to Zenit sporting director Konstantin Sarsaniya we are "really interested in acquiring Andrei" but unwilling to meet the club's asking price of £21.5m. This point comes as some relief.
Far from dismissing Arshavin as a flash in the pan I must state that I believe him to be a player of considerable ability. You don't destroy Holland in the manner in which he did without having the abilities to pay the the utilities, so to speak. Yet there are serious questions to be answered if any club is to seriously countenance paying such a massive fee for a player who, at 27, is hardly a spring chicken.
Firstly, what has he been doing with himself for the past seven or eight years. He's not an unknown figure on the European scene yet few have thought him worth a risk despite his impressive performances for Russia and Zenit over the past year. He hasn't suddenly become a world class player. He's always had the ability, but does he possess the attitude to back it up?
Then there are questions regarding his physical stature, and remembering my response to Wenger's dismissal of Modric for being too small, it would seem unfair to tar Arshavin with the same brush. Yet bought as an out and out replacement for someone like Keane, could he lead the line? Or is he more of a classic number ten, in the Paul Scholes mould? A player who like to make things happen in the hole behind the strikers rather than lead the line himself. Surely we've already bought two players this summer - Dos Santos and Modric - who can fulfil that role if needs be. Do we really want to be splashing out such a vast sum of money when we could use it to strengthen elsewhere?
What is likely is that there has been no firm interest from the club. Instead the whole exercise is a attempt by Zenit to get the biggest fee possible from the players more illustrious suitors. Surely a player who, just a month ago, had his dreams set on playing at the Nou Camp can't have fallen that far to consider a stint at White Hart Lane?
If I were Levy I would keep my chequebook in my pocket. Without doubt Arshavin is a quality player but does he fit the bill for Spurs? Not in my opinion. Any fee received for Berbatov or Keane will be better off being used find like for like replacements rather than on another attacking midfielder.