Spain international Santi Cazorla has reportedly agreed terms with Arsenal over a proposed move to the Emirates Stadium, although Malaga are yet to accept a bid from the north London club.

Malaga are deep in the financial mire and could be relegated to the second tier of Spanish football if they fail to pay outstanding debts, and the Gunners are keen to take advantage of this situation.

According to The Guardian, Cazorla and Arsenal have already reached an agreement and Arsene Wenger is now hopeful he can secure the 27-year-old for €20 million.

Malaga, though, appear to be standing firm for the time being and have pointed Arsenal towards Cazorla's €45 million buyout clause, but they could be forced to sell in order to raise funds.

Cazorla only joined Malaga from Villarreal last summer, but wants to leave the club after wages were unpaid during the season.

Arsenal, meanwhile, have already added Lukas Podolski and Olivier Giroud to their ranks during the transfer window, and Cazorla would strengthen the attacking options at Wenger's disposal.

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