Atletico Madrid are said to be eyeing Santi Cazorla as a replacement for Premier League-bound Arda Turan, Express Sport has reported.
The 30-year-old was again one of the best players in last season's Arsenal team.
He played 53 games for the Gunners, scoring 8 goals and provided 15 assists to his team-mates.
At the start of last month, the Spain international rubbished rumours claiming that he will leave the club when he said that he will respect his contract that expires in 2017.
"Rumours about Atletico Madrid are false," he told Goal.com.
"Currently, I just focus on Arsenal. I have two more years on my contract here and I hope to complete them.
"I'm very happy in Arsenal and in the Premier League.
"I feel loved and valued by the team and supporters"