Arsenal could bridge €85m gap in Zubimendi-Álvarez swap

Martín Zubimendi, a sports journalist, has logged 200 minutes in Arsenal’s first fourteen Premier League and Champions League matches this season. That represents less than 16 percent of the minutes expected for a €70 million signing. Reports suggest the midfielder is close to a move to Atlético de Madrid in the January transfer window.

Zubimendi’s dwindling role and Atlético interest

The Donostia‑born midfielder has vanished from Mikel Arteta’s plans in recent games, and his departure from Londres gains momentum only a year after Arsenal paid €70 million to Real Sociedad. Interest from Atlético’s manager Diego Simeone was already evident last week.

The other half of the operation involves the red‑and‑white side. A possible exchange with Julián Álvarez is being discussed, after the Argentine failed to secure a move when the club blocked his summer transfer to Barcelona. The Argentine wanted to leave Atlético last summer for Barcelona, but the club completely shut that avenue.

Swap logistics and price gap

Arsenal emerged in August as a plan B, needing a striker, and according to several media outlets reached a financial agreement with Atlético, which the player declined, refusing to return to England. Since then his form has not taken off, with Julián Álvarez scoring only two goals this season, and despite public backing from Diego Simeone, his relationship with the fans remains unsettled due to on‑field performance and character. Atlético paid €75 million for Julián Álvarez in the summer of 2024, a sum comparable to the €70 million Arsenal spent on Zubimendi in 2025. The current valuation poses a problem, as Atlético was willing to sell Julián for around €150 million last summer, provided the buyer was not Barcelona.

Transfermarkt now rates Zubimendi at €65 million, creating an €85 million gap between Atlético’s asking price and the midfielder’s market value. Consequently, a straight player‑for‑player swap at equal value does not meet those expectations. For the deal to materialise in January, Arsenal would need to bridge the difference with cash, or Atlético would have to lower its summer asking price. Zubimendi’s scarcity of minutes fuels speculation of a departure in either the winter or summer window, while Julián, who turned down a return to England three months ago, would have to reconsider for the swap to proceed.