Arsene Wenger is said to be in the market for a new front man this summer to partner Emmanuel Adebayor next season.
Santa Cruz, 26, only joined Blackburn last summer from German side Bayern Munich for a fee of £3.4 million.
The Paraguayan international has made a tremendous start to his Premier League career scoring just under 20 league goals.
I really do think Santa Cruz has what it takes to do well at a top side like Arsenal. He is a powerful striker that wins his fair share of headers and in my view would be a terrific signing at £12 million.
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