With Robin van Persie poised to leave, the capture of Cazorla, 27, is the major signing of the summer that Arsene Wenger has been promising reported the Daily Mail.
Wenger was beaten to the signature of the Spain midfielder last year by Malaga, who had been seemingly enriched by their purchase by Qatari Sheik Abdullah Bin Nasser Al-Thani.
But the club now have to clear huge debts by the end of the month or face relegation to Spain’s second tier, the loss of their UEFA licence and Champions League expulsion.
Adding Cazorla to the signings of Lukas Podolski and Olivier Giroud represents the most significant summer strengthening since Arsenal imposed financial constraints on transfers in 2004.
Meanwhile, Daily Mail also report that Barcelona are bidding for Arsenal midfield enforcer and Cameroon national, Alex Song.
Cameroon international Song has two years left on his Arsenal deal but is yet to open official talks on a new deal, although early indications are that the midfielder wants to be rewarded with a place among the club’s top earners.
Barcelona’s interest in Song was cranked up a notch this week when new manager Tito Vilanova sought the approval of staff and the team over a move for the player.
Song is wanted in Spain due both to his prowess in defensive midfield, as well as his ability to drop into the heart of the backline.