Arsenal Transfer Rumours: Did Arsenal Lose on Transfer Target Santi Cazorla?

After losing Ricky Alvarez to Inter Milan, Arsenal have lost yet another transfer target.

Villarreal midfielder Santi Cazorla, a reported Arsenal transfer target, is set to join Malaga CF in a club record move.

According to the Daily Star, Arsenal were interested in Cazorla. Arsene Wenger looked at him as the ideal replacement for the soon-to-depart captain Cesc Fabregas, who looks Barcelona bound.

Latest reports suggest Malaga (La Liga's new moneybags) have agreed to a deal with their rivals Villarreal for midfielder Cazorla.

No fee has been announced for the 26-year-old Spanish midfielder, but reports in the country suggest it is around €22 million—a record for the club and by far the biggest deal of the 10 signings they have made in a summer of significant rebuilding.

According to the UEFA.com, the midfielder has signed a five-year deal at La Rosaleda and joins fellow new signings Diego Buonanotte, Isco, Ruud van Nistelrooy, Nacho Monreal, Joris Mathijsen, Jérémy Toulalan, Sergio Sánchez and Joaquín at the southern club.