The Spaniard seems set to sign for Arsenal, who are negotiating with Malaga over a transfer fee according to reports.
Manuel Pellegrini said: “As far as the construction of the squad goes there are always offers for various players.
“They say that there is an offer for Santi Cazorla; selling Cazorla for €20m would be giving him away. I don’t think the club is in a position nor has the intention to do so.
“It would undermine the intention to compete in the Champions League. If important offers arrive for players you always listen to them, but I don’t think that Santi is going to leave the club for 20m because that would be giving him away and it would send the wrong message out.”
