The 35-year-old was a big favourite throughout his time at the Emirates before he left for Villarreal in 2018.
And his form in La Liga has earned him a recall to the Spanish national team.
Balague met with the veteran to discuss his plans for the future, and revealed a move back to north London is on the cards.
“Basically, what may happen, he wants two more years playing. Two more years,” Balague said on his YouTube channel.
“Going back to Arsenal with Arteta is something that I think he will consider as a coach.
“I asked him about it, he said yes, he will consider as a coach when he retires but he wants to play for two more years.
“I tell you what, Mikel Arteta and Cazorla together, really good friends first of all but really good special minds of football.”
Cazorla was robbed of an opportunity to bid farewell to the Arsenal fans with his last appearance coming 18 months before he left the club after a long-term injury kept him out.
He told Goal in January: “I don’t know if it’s possible or not, but I want to play one more game for Arsenal before I retire.
“It was a deep regret that I could never have a proper goodbye. Arsenal was the biggest club I ever played for.
“I’m proud that I was an Arsenal player. I’m especially grateful for Arsenal fans who supported me even after I left the club.
“I wish I can be part of the Gunners family in the future again.”