Cazorla has since been forced to apologise. Speaking on his official Twitter account, he claimed he could not see the piece of paper in question.
However, the picture had already made a significant impact. The photograph created a social media storm: Arsenal fans were delighted; Spurs supporters incensed. Cazorla's apology won't stop him being heralded as a hero by the Arsenal faithful. For them, winding up Spurs is a way of life.
Over the next few slides we look at some of the best pranks Arsenal have ever played on Tottenham.
Whether or not Santi Cazorla knew what he was holding, this photograph will still be cause for long-lasting hilarity among the Arsenal fans.
The slogan emblazoned on the piece of paper is based on the classic call-and-response chant that can be heard during every match at the Emirates Stadium.
Arsenal fans know what they think of Tottenham. Now they know what Santi Cazorla and Robert Pires think of them too.
When it comes to trolling Tottenham, there's no greater victory than winning the Premier League at White Hart Lane.
At the end of the 2003-04 season, Arsenal needed just a point in the London derby to be confirmed as champions. Despite a late Tottenham rally, the Gunners got what they wanted. It was party time.
Arsenal celebrated in style. The Premier League trophy wasn't awarded at White Hart Lane, so Ashley Cole and Thierry Henry placed an inflatable replica in the centre circle.
The Tottenham ground has never seen celebrations like it.
Theo Walcott might be out for the rest of the season but one contribution he made to 2013-14 will go down in the annals of time: the "2-0" gesture.
As he was stretchered off with a cruciate ligament injury, Walcott was pelted with abuse and missiles from the crowd. He responded coolly, pointing out the scoreline to the furious Spurs fans.
Walcott's amusing actions endeared him to the Arsenal fans more than any single goal he has scored in his time with the club.
Back in 2002, Thierry Henry scored one of the greatest goals of his Arsenal career, storming the length of the field and side-footing perfectly in to the corner of the net. Producing that goal against Tottenham made it even more special.
However, Henry then went one better. For his celebration, he ran back up the length of the Highbury pitch, sliding on his knees to pose before the incensed Tottenham fans.
That iconic moment has now been immortalised in bronze outside the Emirates Stadium.
Back in 2006, Tottenham seemed set to pip Arsenal to fourth place and Champions League qualification.
Then, the night before the final game of the season, something extraordinary happened. At the time, Mihir Bose of The Telegraph wrote:
Tottenham's historic rivalry with Arsenal has endured numerous twists and turns but nothing in its long turbulent history has, matched the drama that started at 1 o'clock yesterday morning in the Marriott Hotel at Canary Wharf. It was worthy of a Hercule Poirot mystery.
The Marriott, a five-star hotel, is proud of its cuisine. It claims to "satisfy the most discerning palates with its fresh approach" and the players made the most of the buffet, a lot of them having lasagne.