I would sell Cazorla for three reasons; we already have two number 10 players better than him in Özil and Alexis, if we are playing him on the flank he isn't good enough, and now is surely the time to cash in while his stock is high.
So, selling Cazorla would bring our £42m record signing back to the position where he has proved himself to be one of the best in the world, and we still have a better player in Alexis for that role if Özil is injured/rested. Since Wilshere isn't going anywhere, he is also good enough to play that position in a pinch.
I think it is safe to say that Santi has largely been disappointing on the flank and, personally, I don't much care for how he plays that role; he goes into the middle all the time and always wants the ball to feet. It makes our game more static, and we play all these annoying sideways passes. IMO he isn't good enough for that role, and he doesn't score or assist enough from there to make it all wothwhile. Get a top class proper winger like Reus in, and I'm convinced we'd be much better off for it.