Santi Cazorla
Atletico refuse to rule out a move for Arsenal man Cazorla. (Reuters)

Atletico Madrid head coach Diego Simeone has heightened speculation suggesting his club are planning a bid for Arsenal midfielder Santi Cazorla, insisting that until the transfer window closes nothing can be ruled out.

The Spanish outfit are flushed with cash after the £50m departure of Radamel Falcao to Monaco earlier this summer, with reports last week suggesting the club are prepared to enter negotiations with Arsenal in an attempt to bring the 28-year-old Cazorla back to Spain after just one season in the Premier League.

The Gunners were quick to deny such reports, but interest from Atletico in Cazorla's services continues to linger with Simeone unable to rule out a move.

When quizzed on the club's reported interest in Cazorla, Simeone said: "It is not good to talk about individual players, but until the club closes the comings and goings, anything is possible," AS report.

"We'll see what happens from the sporting directors. Until the window is closed, anything is possible."

Cazorla enjoyed a hugely successful first season in English football after completing his £15m move from Malaga to the Emirates last summer, scoring 12 goals in addition to providing 13 for his teammates.

The Gunners are unlikely to be willing to entertain offers for the Spaniard as the club aim to avoid losing another influential member of their first XI while trying to build a side capable of challenging at the summit of the Premier League.

Despite being linked with a host of established names, the Arsenal's only incoming transfer to date has been in the form of 20-year-old striker Yaya Sanogo from Auxerre. The club's prospects of securing a deal for Real Madrid striker Gonzalo Higuain were dealt a blow on Sunday evening when Carlo Ancelotti indicated the Argentine is very much in his plans ahead of his first season at the Bernabeu.

The club remain linked with both Manchester United striker Wayne Rooney and Liverpool's Luis Suarez, potential deals that will have the Gunners expected to smash their current transfer record if their seriously hope to land one of the forwards.