The striker, who was with Real Madrid at the time, admitted that he was just hours from signing a contract with the Gunners before Mallorca persuaded him to stay in Spain.
The 32-year-old, who joined Chelsea last month, told The Sun: "I met [then Mallorca boss] Luis [Aragones] at a crucial moment in my life where I had to take the right direction, and thanks to him I did.
"I was about to sign that very afternoon at Arsenal and maybe I would have never been the player I am today. Luis picked me, then I ended up joining Barcelona. That decision changed everything.
"I had lots of opportunities to come to England, but I am glad to finally be here now."