Owen is a striker, Arshavin is a midfielder. Owen was dropping deep where as Arshavin makes runs from deep.
Although they sound the same, they are in fact different. If it was my choice i'd play him in a midfield three and let him have a free roam.
That would work with 2 DCM and Arshavin infront of them then the three strikers.
Precisely, it would be this.... in theory :
Barton Butt Arshavin
Owen Viduka Martins
With Owen dropping deep, allowing Martins and Viduka the space and Arshavin creating freely from midfield.
BTW, this is not a representation of my opinion of whether we will get him or the other players in the team will be here next season.
More of a...
-------------------Given
Beye----Taylor---------??-------Enrique
-----------------Faye
-----Butt-----------------Arshavin
----Martins------------------Zoggy
-----------------Owen
That would never work