The north London club are hoping that a deal worth more than £15 million can secure the Malaga winger, who has told the club that he is ready to join them from the La Liga sidehere.
Arsenal are keen to sign Malaga winger Santi Cazorla, with negotiations already having taken place, according to The Guardian.
Arsene Wenger is claimed to be hopeful that a deal can be done for the player, who only joined the Liga side last year and has a £35 million buyout clause, with the attacking midfielder described as ready to move on again as his wages went unpaid at points last year and promises made to him were broken.
The Gunners boss is reportedly hoping that a deal can be done for around £15.6m (€20m) due to Malaga's financial situation, which could see them relegated if they do not pay outstanding debts by the end of July - meaning that players are likely to be sold imminently.
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After the meeting, Rubiales stated that an "important" amount of money was still owed to the players but that others had been paid in full.
It is also claimed by Cazorla's former club Villarreal that Malaga owe £2.7m outstanding in transfer fees, while Spanish authorities are claiming £5.5m.