Arsenal are on the verge of signing Malaga winger Santi Cazorla, with manager Arsene Wenger hopeful a £15.6m offer will be enough to seal the deal.

According to reports, the Spanish club's worrying financial situation means Malaga, who do not want to sell one of their prized assets, may not have a choice when it comes to cashing in at a reduced price.

Cazorla has a £35m buy-out clause in his contract, but Malaga are slowly coming to terms with the fact that they can no longer hold out for such a figure.

The Spain international wants to leave the club, who he joined for £15m last summer from Villarreal, after wages during the last campaign went unpaid.

Should Cazorla make the switch to Arsenal, he will join fellow new boys Lukas Podolski and Olivier Giroud, while Wenger is still holding out for the best price for wantaway striker Robin van Persie.