Cazorla is in the final months of his current Gunners deal and is recovering from the first setback suffered in 2016. However, he told Cadena Ser no new offer has been made as of yet (h/t ESPN FC's Adriana Garcia): "My contract ends this summer and no one has told me anything, but it's normal. I've been out of action for so long."
The Spaniard's last appearance for Arsenal came in the UEFA Champions League victory over Ludogorets Razgrad in October 2016.
Since then, Cazorla sightings have been rare in north London, but James Olley of the Evening Standard highlighted his appearance before Thursday's UEFA Europa League semi-final clash at Atletico Madrid:
James Olley @JamesOlley
Just saw Santi Cazorla on the touchline blowing kisses of support to David Ospina as he walked back to the dressing room. Ospina gave him a thumbs up in response. Santi's now stood there on his own, taking in the atmosphere. What Wenger would give to have him available tonight. https://t.co/8WNoJk8gqT
Almost six years have passed since Arsene Wenger recruited Cazorla from Malaga, and despite his numerous setbacks over the past year-and-a-half, the playmaker has easily proved value for money at a £10 million cost.
A fit Cazorla could have made a difference in what has been a disappointing season for the Gunners, and Goal's Chris Wheatley provided further quotes, with the Spaniard seemingly in the dark as to where he could line up next term:
Arsenal's last three games of the campaign come against Burnley, Leicester City and Huddersfield Town, giving Cazorla only 10 days or so in which to prove he's still got first-team worth in north London.
The chances may appear slim, although the player recently said he's still hopeful of having some say before the campaign is over, per AS (h/t PA Sport, via Sky Sports):
"The objective is to play some part with the team before the season ends, but we have to take things carefully.
"After being out for so long it will take a while to get back into form, it's a real struggle, but when you have been out like I have, you also notice pains elsewhere - apart from what I've had with my tendon.
"But all of that must mean that I am doing things right, and I hope to be back as soon as possible."
There's a chance the Arsenal hierarchy or whomever replaces Wenger at the helm doesn't see value in offering a 33-year-old injury concern a new deal, particularly given the difficult season the club has had in 2017-18.
The veteran now faces a climactic few weeks as the season draws to a close, and he will look to underline his worth to the Arsenal cause ahead of possibly entering the summer transfer window as a free agent.