Real Madrid, Atletico and Chelsea reportedly interested in Arsenal's Martin Zubimendi

Real Madrid, Atletico Madrid and Chelsea are all reportedly in the race to sign Arsenal midfielder Martin Zubimendi during the January transfer window. Journalist Miguel Delaney reports that the Spain international is attracting interest from the three clubs, with Madrid's city rivals and the Premier League side also understood to be monitoring the situation.

Madrid's long-standing interest

Real Madrid have been linked with Zubimendi before. The midfielder was regularly mentioned as a target for the Santiago Bernabeu while he was still at Real Sociedad. Those rumours grew particularly strong when Xabi Alonso took charge of the club in 2025, but Zubimendi instead joined Arsenal in a deal worth £60 million.

After a positive start in London, Zubimendi's role in the side reduced towards the end of Arsenal's Premier League title-winning campaign. Bruno Guimaraes arrived in the summer, Declan Rice remains a regular starter, and Myles Lewis-Skelly is also an option in midfield. As a result, the 27-year-old has not featured as often as he would like. He has played only 380 minutes across 12 appearances in all competitions this season.

Arsenal's position

Links to Real Madrid resurfaced over the summer, particularly after the club missed out on Rodri. Now the report suggests Madrid are back in pursuit of Zubimendi ahead of the January window, as they continue to look for a midfielder with his qualities.

Arsenal would reportedly not be opposed to selling the player, as they are looking to sign a new forward. According to the report, there is a growing belief at both Madrid clubs and at Chelsea that they could complete a move in the winter. However, if Arsenal do agree to a sale, the Premier League champions would seek to recoup at least the £60 million they paid for him in 2025.

Real Madrid's midfield situation

Real Madrid have recently appeared to find more balance in midfield after a difficult start. Bernardo Silva has been used in a deeper role, while Federico Valverde has been moved to right-back. Even so, the possibility of signing Zubimendi has emerged, and it remains to be seen whether the Spanish capital club will make a move.