Arsenal have set a price for Martin Zubimendi as Chelsea revive their interest in the midfielder ahead of the January transfer window, with Real Madrid and Atletico Madrid also competing for his signature.
The Blues were among several clubs interested in Zubimendi last summer, but the Spanish World Cup winner remained at the Emirates Stadium. Zubimendi started brightly after his £60m move from Real Sociedad in 2025, though he became a less influential figure in Mikel Arteta's side towards the end of last season.
Competition for places grows at Arsenal
The 27-year-old appeared fatigued in the second half of the campaign and lost his place in the team, with then 19-year-old Myles Lewis-Skelly starting the Champions League final ahead of him. Competition increased further in the summer when Arsenal spent £75m to sign Brazilian midfielder Bruno Guimaraes from Newcastle United.
As a result, Zubimendi is still waiting for his first Premier League start of the season, with his lack of game time sparking renewed speculation over his future in north London.
Three clubs monitoring Zubimendi
Zubimendi's frustrating spell has not deterred potential suitors, with Chelsea, Real Madrid and Atletico Madrid all 'monitoring' the Spaniard ahead of January. According to The Independent, all three clubs suspect a January deal could be possible and view Zubimendi as an ideal acquisition given he is now a Premier League, World Cup, European Championship and Nations League winner.
It is claimed Arteta still regards Zubimendi as a 'valuable option' given Arsenal expect to challenge for both the Premier League and Champions League again this term. However, Arsenal's desire to sign a new forward in January may depend on a major sale, and Zubimendi would be an obvious candidate to be moved on, although the English champions would want to recoup at least the £60m they paid for him 16 months ago.
Real Madrid and Atletico in the race
Xabi Alonso is keen to bolster his options in midfield after Chelsea sold Enzo Fernandez to Manchester City on deadline day last summer and knows Zubimendi well from his time at Real Sociedad. Jose Mourinho also intends to sign a new midfielder in January, and Real Madrid have been huge admirers of Zubimendi since he broke through in La Liga.
Real face competition from arch-rivals Atletico, with reports in Spain claiming Diego Simeone is 'dreaming' of signing Zubimendi from Arsenal. Zubimendi came on as an injury-time substitute in Arsenal's 1-0 win over Hull City on Saturday, a result that sent Arteta's side six points clear at the top of the table.
