The Gunners have had a £16 million offer accepted by Malaga whilst the 27-year-old has also agreed personal terms on his switch to the Emirates Stadium.
Arsene Wenger has made signing Cazorla a priority this summer with the Spain international keen to leave the La Rosaleda after becoming disillusioned by broken promises and unpaid wages last season.
Fellow countryman Mikel Arteta admitted that he is relishing the chance to play with the winger and believes the club have acquired an exceptional talent.
He told the Daily Mail: “I cannot talk about the actual situation but I can say that I know him as a player really well. He’s a top, top player. He has got unbelievable quality and talent and that is all I can say.”
Wenger echoed the sentiments of Arteta but declared that the capture of Cazorla won’t signal the end of his transfer business as he continues to explore the market.
“I share the opinion of Mikel Arteta. Cazorla is a great player,” he added
“We bought Olivier Giroud and Lukas Podolski but we are not at the end of the transfers. We will still bring players in.”