The La Liga club apparently agreed terms with the midfielder yesterday and were considering a £17.5 million offer with a representative from the club in London to try and complete the deal.
The rumour was denied by Atletico president Enrique Cerezo who insisted it was just another made up story in a busy transfer window.
“We have no news of Cazorla. These are invented stories that are made up every day.”
The midfielder is currently enjoying a summer break after representing Spain at the Confederations Cup and isn’t due back to Arsenal until August. His debut season in the Premier League saw him net 12 goals and provide 16 assists while also being named Arsenal Player of the Year.
He only joined the Emirates outfit last year and although Atletico was one of teams Arsenal beat to his signature, they have announced that the stories in the media are untrue. Despite this, the Gunners have made it clear that Cazorla is not for sale.
The North London side have sold many of their key players over the last few years but have made a promise that they will no longer offload their key assets. The club have been handed a handsome £70 million transfer kitty and are in no need of extra money and so Cazorla is not for sale at any price.
Of course, Atletico Madrid have money of their own following the £50 million transfer of Radamel Falcao to AS Monaco but it wont be spent at Arsenal with the Gunners looking to turn a new leaf by keeping their best players and investing heavily on new squad acquisitions to help them challenge for honours once again.