Arsenal are top of the Premier League and fresh from their first win at Anfield in 14 years, but the January transfer talk is coming into focus.

One of Mikel Arteta’s most trusted squad players has emerged as a target for Atletico Madrid, two years after they could have signed him for themselves.

Atletico Madrid consider move for Mikel Merino

According to journalist Ekrem Konur, Atletico are considering a loan move for Mikel Merino that would include a €30million option to buy. His contract at Arsenal runs until 2028, and Konur believes his future could become one of the big stories of the January window.

It’s not the first time Atletico have looked at him. Back in 2024, Diego Simeone wanted to sign Merino from Real Sociedad, but Andrea Berta, then Atletico’s sporting director, preferred Conor Gallagher. Berta got his way, and Merino joined Arsenal for around £32million instead.

It’s fair to say that worked out better for Arsenal. Gallagher was sold to Tottenham 18 months later, while Merino has become one of Arteta’s most clutch players, with ten of his 11 Premier League goals for the club either drawing Arsenal level or putting them ahead. Berta, of course, is now at Arsenal himself.

Merino isn’t the only Arsenal player on Atletico’s radar either. They were also linked with Viktor Gyokeres last month.

Arsenal shouldn’t sell Mikel Merino in January

Letting Merino go halfway through a title defence would be a big mistake. He’s a pivotal squad player who can play as a No.8, a No.10 or a centre-forward, and he delivers big moments in big games. Arsenal missed him in the second half of last season, despite the eventual title win.

The summer would be a much better time to reassess. With his contract up in 2028 and Merino turning 31 next season, that could be the smart moment to cash in.

But would Merino want to stick around as a squad player? Arteta values his leadership and intelligence highly, and rightly so. Even so, you can’t deny that a move to Atletico would suit him, and his skillset would be a perfect fit for Simeone.

If Arsenal were to let a midfielder go, though, Martin Zubimendi feels more likely. He played in every Premier League game last season, but he’s dropped down the pecking order since Bruno Guimaraes joined and Myles Lewis-Skelly emerged as a midfield option. He’s still a top player, and he’s bound to be frustrated with how little he’s played.

For now, Merino remains a big part of Arteta’s plans, with Slavia Prague up next on Wednesday. That could be an opportunity for both Merino and Zubimendi to get a start.