Arsenal are again exploring the possibility of signing Alex Baena, with Football Transfers reporting that the Atletico Madrid winger has re-emerged as a serious target ahead of the January window.

The renewed interest is understandable. Arsenal wanted to add more attacking variety earlier in the season and, despite strengthening with Christos Tzolis, there remains a sense that Mikel Arteta and Andrea Berta are still scanning the market for another forward who can shift games in tight moments. Baena appears to fit that brief.

Alex Baena Profile Appeals to Arsenal

This is not a new name in north London recruitment discussions. Arsenal tracked Baena in 2024 before his move from Villarreal to Atletico Madrid, and that long-term appreciation now looks relevant again. He was previously viewed as someone capable of mirroring Bukayo Saka’s inverted movements from the right, even if that role has not been a regular feature of his football under Diego Simeone.

What makes the 25-year-old particularly appealing is his versatility. He can operate from either flank, move into central attacking areas and, when needed, has even been used further forward. That tactical flexibility matters in an Arsenal squad that places heavy value on intelligent movement, positional rotation and players who can interpret multiple roles without disrupting structure.

His start to the campaign has only strengthened the case. Baena has produced five goals and three assists across all competitions, with one of those strikes coming against Manchester United in the Champions League. Form, adaptability and high-level experience combine to make him a credible option rather than a speculative link.

Diego Simeone Makes Atletico Stance Clear

Any move, however, would be complicated. Atletico are not in the habit of allowing key players to leave easily, especially in the middle of a season. That alone makes this a difficult operation, and Simeone’s public comments only underline Baena’s importance.

The Atletico manager said: “Baena sees the game differently than others; he’s stronger and more confident since the World Cup.” He added: “He’s the player we went out to sign. We’ll have to manage his playing time so that his unique qualities can shine through.”

Those are not the words of a coach preparing for a sale. They are the words of a manager describing a footballer central to present plans.

January Transfer Fee Could Rise Sharply

The report states Baena’s Estimated Transfer Value stands at €42.6m, close to what Atletico paid. In reality, a January negotiation would almost certainly begin far above that figure. Mid-season deals for important players regularly carry a premium, and Atletico’s stance in previous market situations suggests Arsenal would need to test their resolve with a major offer.

There are still reasons for Arsenal to believe the fit could work. Baena already has international familiarity with David Raya, Martin Zubimendi and Mikel Merino through Spain, and that kind of connection can smooth adaptation. More broadly, this is another sign that Arsenal are targeting established, high-level talent rather than short-term cover.

If the interest develops into something firmer, Arsenal will know early that this is a transfer requiring conviction, patience and significant money.

Our View

Baena feels like one of those links that makes more sense the longer you sit with it. The obvious question is where he plays most, but the better question is how many problems he solves. Arsenal often look at their best when the front line can rotate naturally, when the wide players drift inside, and when there is another creator beyond the usual focal points. Baena looks built for that.

The most encouraging part of this report is that it does not sound like a random market opportunity. It sounds like a player Arsenal have known well for a while, a player they have already studied in detail, and one whose profile still fits. That tends to be where the best recruitment happens.

There is, of course, a realism needed here. Atletico Madrid are difficult to buy from, January is a brutal window, and Simeone’s praise suggests they see Baena as essential. If a move happens, it probably takes a fee that feels uncomfortable at first glance. Yet elite depth costs serious money.

What stands out most is the ambition of the idea. Arsenal are not being linked with a stop-gap or a project signing, they are being linked with someone in form, in demand and already operating at Champions League level. That is the market they should be shopping in. If there is a genuine opening, this is one worth pursuing hard.