Malaga winger Santi Cazorla has agreed terms to join Arsenal, according to a report.
The Guardian claims that Arsenal manager Arsene Wenger is "hopeful" that he can complete a transfer deal for the Spain international with a "basic agreement" now in place with the player.
It went on to report that negotiations have taken place between the clubs and hinted that Malaga may be forced to sell Cazorla to ease the club's financial situation.
Cazorla joined Malaga for €19million last summer from Villarreal, but is currently unsettled at the club after wages went unpaid during the recently completed campaign.
Cazorla's current contract includes a €45m buy-out clause but Wenger reportedly will try to prise him away from Spain for around €20million (£15.6m). He made 34 appearances for Malaga last season, scoring 9 goals and providing 5 assists.
Arsenal have enjoyed a busy start to the summer transfer window with the signatures of strikers Lukas Podolski and Olivier Giroud already secured.
The impending sale of want-away Gunners skipper Robin van Persie will provide Wenger with the necessary funds to rebuild his team.