Malaga's troubled Qatari owners are in talks to sell the club to Albanian oil magnate Rezart Taci, but Santi Carzola will still look to push through his move to Arsenal.
Sheikh Abdullah Al Thani bought the club in June 2010 and initially spent heavily with the likes of Ruud van Nistelrooy, Martin Demichelis and Cazorla all arriving on big money.
Under Manuel Pellegrini, they finished fourth last season securing a UEFA Champions League berth but financial issues have set in.
The club owe around £40million in unpaid wages, transfer fees and taxes and they have been given until 1st August by the Spanish authorities to resolve any outstanding issues.
It has now emerged that talks are at a very advanced stage for the sale of Al Thani's stake to multi-millionaire Taci.
However, with money needed now it seems Arsenal's reported offer of around £18million will be enough to land Cazorla.
Malaga had played down talk that they would need to sell Cazorla, but it now seems the Spain international is intent on leaving the club.
Local sources claim that Cazorla and his agent Amadeo Rengel will confirm to the club on Monday their intention to sign for Arsenal.