Arsenal’s pursuit of Atletico Madrid forward Julian Alvarez could be revived by the expected January departure of midfielder Martin Zubimendi, with the two deals reportedly linked, according to Spanish radio station RNE. The report, relayed by AS and Mundo Deportivo, suggests an attractive scenario for boss Mikel Arteta, but one that is far from certain to happen.

Zubimendi joined from Real Sociedad for around £60m (€70m) in the summer of 2025 and probably did not expect to find himself in this situation. Once regarded as an important part of Arteta’s plans, the Spain international has gradually lost ground in the pecking order, with competition in midfield from Declan Rice, Martin Odegaard, Mikel Merino and Bruno Guimaraes considerably reducing his chances to play.

Martin Zubimendi heading for the exit

His game time has been especially limited this season, with 380 minutes across 12 matches. That makes a January departure very likely unless something changes, and Atletico Madrid have reportedly moved to try to bring back a player admired by their sporting department for several years.

For boss Diego Simeone, the Basque midfielder would be a major addition. He has the qualities needed to set the tempo from a deep position, including passing, reading of space and the ability to cope with the opposition press. The two clubs still have to find common ground, however, as Arsenal made a substantial investment to sign him.

According to RNE’s Silvia Barba, the Argentina forward could be involved in discussions between Arsenal and Atletico. Arsenal like his profile and had already shown interest during the summer. The former Manchester City player’s situation in Madrid is delicate, with only two goals this season and a relationship that is sometimes strained with part of the home support.

Julian Alvarez an attractive but complicated target

Going from interest to a completed transfer is another matter, though. Atletico do not want to sell cheaply, and Mundo Deportivo mentions a very high figure of around £128m (€150m), an amount that is hard to imagine even for Arsenal, particularly in the January window, when the Madrid club would have to agree to part with a major player in the middle of the season.

Zubimendi’s exit could reshuffle the cards and make talks easier, but it does not guarantee an Alvarez deal. Arsenal may follow the situation, but they should not consider the Argentine’s arrival as imminent.