The playmaker has been a big player for the Gunners since his 2012 switch to north London from Malaga, with his impressive form culminating in an inspired display as Arsene Wenger’s men ended their nine-year trophy drought by winning the the FA Cup Final at the end of last season.
But since then his future has been plunged into doubt, with La Liga champions Atletico rumoured to be ready to lure him back to his homeland.
The Rojiblancos are set to lose a host of top stars in the coming months and with the funds they bring in they are reportedly plotting to refresh their ranks.
Cazorla is seen as a top target, and it is understood that Atleti are confident that he would make the move should they bid.
Although the Madrid outfit are interested, Arsenal’s £16m valuation is thought to be a stumbling block.
Though the 29-year-old is a regular first-teamer under Wenger, the presence of Alex Oxlade-Chamberlain, Mesut Ozil and Theo Walcott among others may convince his to cash in as he plots to sign a striker.