The 21-year-old is rated as one of the brightest young prospects in all of Russia, and after rejecting the chance to move to Serie A, rumours are rife he could be on his way to England.
"I want to move forward as a player," said Dzagoev. "I have heard many rumours about my future but they are not true.
"If I ever have to choose another club, I would prefer a move to Spain or England - the two biggest leagues in the world."
Despite strong interest from AC Milan and Juventus, Dzagoev looks to have made up his mind, and would relish the opportunity to showcase his talents at either Arsenal or Manchester United.