The reigning La Liga champions are reportedly looking to bolster their midfield ranks after injuries and suspensions to key personnel has hampered their title defence.
Without Koke and Arda Turan at the weekend, Atletico slumped to a disappointing 2-0 defeat at Celta Vigo, and fell further behind city rivals Real Madrid in the title race.
Cazorla continues to excel for Arsenal in a central midfield role, and his recent resurgence, in the absence of the injured Jack Wilshere, has attracted admiring glances from the Spanish capital Balague told Revista.
“He has 18 months left on his contract at Arsenal, and Atletico have contacted Cazorla’s entourage,” Ballague said.
“Atletico are convinced that they can persuade the player to join them. Then they just have to pay the money.
“There will be one year left on his contract in the summer, and will be available for cheaper.
Gaizka Mendieta believes that the former Malaga midfielder would relish a return to La Liga, and would significantly strengthen Diego Simeone’s squad.
“You saw yesterday (in Atletico’s defeat to Celta Vigo) the need for someone to hold the ball and pass it,” Mendieta said.
“When Arda Turan and Koke are not there, Cazorla will be a great addition.
“He knows La Liga perfectly, so it will work for him.”