Reconstruction of the Fermi surface of high-temperature superconducting cuprates in the pseudogap state is analyzed within nearly exactly solvable model of the pseudogap state, induced by short-range order fluctuations of antiferromagnetic (AFM, spin density wave (SDW), or similar charge density wave (CDW)) order parameter, competing with superconductivity. We explicitly demonstrate the evolution from Fermi arcs (on the large Fermi surface) observed in ARPES experiments at relatively high temperatures (when both the amplitude and phase of density waves fluctuate randomly) towards formation of typical small electron and hole pockets, which are apparently observed in de Haas - van Alfen and Hall resistance oscillation experiments at low temperatures (when only the phase of density waves fluctuate, and correlation length of the short-range order is large enough). A qualitative criterion for quantum oscillations in high magnetic fields to be observable in the pseudogap state is formulated in terms of cyclotron frequency, correlation length of fluctuations and Fermi velocity.
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