Cazorla wants to quit the troubled Andalusian club, whose Qatarian owners are looking to sell, and a deal worth around €22million (£17.3million) looks set to be agreed to take him to Arsenal.
The 27-year-old's representatives have already held talks with the Gunners and are believed to be happy with the proposed deal on offer at Emirates Stadium.
According to Sky Sports, Cazorla will now fly to England within the next 48 hours to conclude his move to the Premier League.
Cazorla, a regular in Spain's all-conquering international squad, helped Malaga into the top four in La Liga last season after a €19million move from Villarreal 12 months ago.
However, Malaga have huge unpaid debts of around €40million which need settling this week.
Talks with Albanian oil company Taci have broken down and, whilst there is Russian and Middle East interest, the deal to sell Cazorla looks like it is needed to help sort out their current mess.
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