The Arsenal midfielder has reportedly agreed personal terms with the La Liga champions.
The Spanish midfielder has been in fine form for Arsenal this season, arguably his best form since arriving at the club in 2012, and captained the side for their 2-0 win over Middlesbrough in the FA Cup on Sunday.
However, there are rumours from Spain that Cazorla is a target for Atletico Madrid.
Cadena Cope reports that Atletico are already in discussions with Arsenal over a potential summer switch for the midfielder. It even claims that Cazorla has already agreed to personal terms with the Spanish giants, meaning only an agreement over a fee for Cazorla needs to be agreed.
The midfielder was linked with a move to Atletico by the Daily Mail back in August 2014, with the 29-year-old insisting at the time that he had heard nothing about a potential return to Spain and was solely focused on doing well with the Gunners.
Given his recent impressive performances for Arsene Wenger's side, the midfielder would command a considerable fee for his signature, regardless of his. Arsenal though, may consider a sale given their strength in numbers in midfield areas, with several players all vying for a limited number of starting places.
Whether Cazorla would want to leave the Premier League is another matter. Joining Diego Simeone, now widely regarded as one of the best coaches in the game and certainly one players want to play for, would be of massive interest to any player, and he would certainly be a likely starter in the Atletico team.
That likelihood of playing time is missing at current side Arsenal, who have a wide array of talents all fighting for a midfield berth. With the likes of Mesut Ozil, Aaron Ramsey, Jack Wilshere and even Alexis Sanchez as competition, the midfielder might consider a return to his home country as a viable option as he hits 30.