The Paraguayan has spent the season in Spain following a loan switch from Premier League title contenders Manchester City.
30-year-old Santa Cruz has performed admirably for the Seville-based side, netting six times in 14 starts.
And with two-years still to run on his contract at the Etihad Stadium, the former Blackburn Rovers concedes his future lies in the hands of City.
"I have spoken with the club [Betis] and everything is clear," he told Punto Radio.
"On the economic issue we have talked and would be happy with a deal.
"But the key opinion is that of Manchester City, and clubs in England will not talk until the end of the season.
"City will decide my future and that is the main question."
Santa Cruz has managed just 24 appearances in all competitions for the Citizens following £17.5million move from Blackburn in 2009 and spent the second half of last season on-loan with the relegation candidates.
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