The 27-year-old has been linked with a £16 million move to the Emirates Stadium a year after leaving Villarreal for Malaga for a fee estimated to be around £18m.
Arteta, who signed for the Gunners on transfer-deadline day from Everton last summer, was coy over details of a switch but hailed his fellow Spaniard’s footballing ability.
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“I cannot talk about the actual situation but I can say that I know him as a player really well,” he told reporters on Arsenal’s pre-season tour.
“And he’s a top, top player. He has got unbelievable quality and talent and that is all I can say.”
Arsenal manager Wenger also praised the winger after yesterday insisting the Gunners have unfinished business in the transfer market this summer.
“I share the opinion of Mikel Arteta. Cazorla is a great player,” the French coach added.