The reigning La Liga champions and beaten Champions League finalists are weighing up a move for the Spain star at the end of the season.
But they are not the only interested party, with sources close to the player suggesting there is growing interest in his services.
Cazorla turns 30 this month and will only have a year left on his contract next summer.
But he has not scored since their 3-0 win over Manchester City in the Community Shield and could find his place under threat when Arsenal’s injury problems ease.
