The 29-year-old, who joined the Gunners from Malaga in 2012, made 47 appearances for his English club last season, scoring seven times in the process.
However, it is understood that the Spaniard is keen on returning to La Liga for the 2014-15 season, with Atletico strongly interested in his services.
"When the World Cup is over, I'll start thinking about my situation," he told reporters. "I don't want to be thinking about it right now and I've told my agents not to tell me anything if an offer comes in.
"But I know a few of the Atletico players - [Diego] Godin, Juanfran - and I know the side well from when I was playing the Spanish league. But until the tournament is over, I won't know if the rumours are true or not."
Cazorla has three years remaining on his Arsenal contract.