Arsenal and Atletico Madrid reportedly discuss swap of Zubimendi and Alvarez
Arsenal and Atletico Madrid could reportedly explore a winter swap that would send Martin Zubimendi to Madrid and Julian Alvarez back to London.
Premier League champions Arsenal and Atletico Madrid could reportedly negotiate a winter swap deal that would see midfielder Martin Zubimendi move to the Spanish capital and forward Julian Alvarez return to English football with the Gunners.
Reported swap in the winter window
Spanish outlet RNE reports that the two clubs could reach an agreement during the upcoming winter transfer window. Zubimendi would head to the Metropolitano, while Argentina forward Alvarez would move to North London.
Zubimendi joined Arsenal at the Emirates Stadium in July 2025 for a reported £55.8 million, after a trophy-laden spell at Real Sociedad. The Spain international has, however, seen his first-team opportunities limited this season.
Zubimendi's limited minutes
Zubimendi played in every league match during Arsenal's title-winning 2025–26 campaign. Under Mikel Arteta this term, though, he has become a bit-part player. The 27-year-old has logged just 100 Premier League minutes without a single start, competing for places with Declan Rice, Bruno Guimaraes, Myles Lewis-Skelly and Mikel Merino.
RNE sports director Silvia Barba said Zubimendi could have left Arsenal over the summer, when there was even talk of Real Madrid. “He could join Atletico Madrid in the winter transfer window as an alternative to Julian,” she reported.
Alvarez's difficult start in Madrid
Alvarez has also had a frustrating start to the season in Spain. He joined Atletico from Manchester City in August 2024 in a record-breaking deal worth €95 million. He scored 20 goals in 49 matches across all competitions last term, but has managed just two goals in 12 appearances for Diego Simeone’s side this season.
Barba added that Arsenal are interested in Alvarez, whom she described as still clearly not fit. She also said the relationship between Atletico and the forward was not working.
A possible fresh start for both players
Alvarez made his wish to leave Atletico clear over the summer, after a potential move to Barcelona failed to materialise. Both players are seeking fresh starts to revive their respective campaigns, and a mid-season exchange could address tactical questions for both clubs.
No agreement has been announced. Arsenal and Atletico Madrid are expected to keep monitoring the situation as the winter transfer deadline approaches.