Arsenal transfer news: Atletico Madrid closing in on Santi Cazorla - reports

Arsenal ace could be set for a surprise return to La Liga with Atletico

Santi Cazorla shows off Arsenal's new away kit (GETTY IMAGES)

Atletico Madrid manager Diego Simeone is reportedly hopeful of signing of Santi Cazorla from Arsenal after already losing Diego Costa this summer.

Having already sold a number of players, including Costa and Luiz Felipe to Chelsea, Simeone is desperate to build upon his side's La Liga triumph last season.

The Daily Mail reports that Cazorla has been a long-term target for the Spanish champions after years of trailing the 29-year-old's services.

Arsene Wenger, on the other hand, still considers the Spain international to be an integral member of his squad after an impressive two years since his switch from Malaga.

The FA Cup holders have strengthened well this summer, with Alexis Sanchez and Mathieu Debuchy winging in at the Emirates, and Wenger would rather add to his squad than sell.

With Sanchez, Mesut Ozil, Alex Oxlade-Chamberlain, Lukas Podolski and Theo Walcott to battle with for a place in the starting eleven in North London, Cazlora may be tempted by the opportunity to be Atletico's main man.

Also interested in full-back Nacho Monreal, the La Liga side are moving fast in the market to prevent a free-fall next season.

They will be forced to pay full-price for both, however, after Cazorla signed a contract extension last summer while Monreal arrived in January 2013.