Santi Cazola and Nuri Sahin |
The transfer of Cazorla, a 27-year-old Spain international, is complicated by Malaga's financial problems but he will have a medical this week.
Turkey international Sahin, 23, will join on a season-long basis if the player and clubs reach an agreement.
Arsenal hope both deals can be sealed before the new campaign gets under way.
A medical has not yet been scheduled for Sahin.
The Gunners start at home to Sunderland on 18 August.
They have already signed Germany forward Lukas Podolski from Cologne and France striker Olivier Giroud from Montpellier.
But doubts remain over the future of captain Robin van Persie, who has said he will not extend his current contract which expires in 2013.
The pursuit of Cazorla and Sahin is unrelated to Van Persie but has been accelerated by news that Jack Wilshere will not play before October as he continues his recovery from an ankle injury.
Cazorla, who joined Malaga from Villarreal last summer, stands at 5ft 6ins and featured for Spain at the 2008 and 2012 European Championships.
Real Madrid signed Sahin from Borussia Dortmund on a six-year contract in May 2011 but he has struggled to establish himself at the Bernabeu and Real boss Jose Mourinho would let him leave on loan.
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