The Spaniard has backed the Gunners' star forward to continue improving in future.
The Chilean has proved to be fantastic signing since joining in a big-money move from Barcelona in 2014, as he lit up the Premier League in his first year in England.
He struggled at the beginning of this campaign after a busy summer saw him lead Chile to success in the Copa America, but has returned to his best form in recent weeks as the Gunners have enjoyed a fine run of form.
And Cazorla has said that his presence is most welcome at Emirates Stadium.
“We’re lucky to have Alexis with us - I’ve always said that. We hope he keeps that level up. He’s one of the best players in the world,” he told arsenal.com.
“Let’s hope he maintains his form for the whole season because we will certainly be a lot stronger with him playing like he is right now. Playing alongside Alexis is a privilege and it’s really easy to understand him on the pitch.”
The midfielder has also backed Sanchez to improve in the future, saying there are no limits for him.
The forward is arguably one of the star players in the Premier League, and with the likes of Eden Hazard struggling to replicate last season’s form, is sure to be a shoe in for a host of awards if he continues his fine form.
Just like the Belgian, he is arguably in that upper echelon of world class players just behind Cristiano Ronaldo and Lionel Messi, and Cazorla agrees that he is very much one of the best players in the world.
“He’s getting better every day, every year,” he added.
“There are no limits for him. The ambition he has right across the board is incredible and that enables him to improve with every passing day.