The 40-year-old scored the equaliser for his hometown club in their 3-1 win over CD Mirandes in the second leg of their La Liga 2 play-off final.
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Cazorla played a key role in earning his side promotion, scoring five goals and providing five assists in his 35 league games.
Now, Real Oviedo have confirmed that the former Arsenal man will remain with them for at least one more season.