Real Madrid handed boost as Atletico Madrid rule out January move for Arsenal’s Martin Zubimendi

Real Madrid’s hopes of signing Spain midfielder Martin Zubimendi in the January 2027 transfer window have been strengthened after Atletico Madrid reportedly ruled out a move for the Arsenal player.

Antonio Ruiz, speaking on the El Partidazo radio programme on COPE, said sources at Atletico had denied that the club was negotiating for Zubimendi or planning to make an approach in January. The comments contradict reports that had identified the Madrid club as a possible contender for his signature.

Atletico’s position is significant because The Independent reported yesterday that Real Madrid, Chelsea and Atletico Madrid were all interested in Zubimendi. The midfielder’s future has come under scrutiny because of the possibility that he could leave Arsenal after losing prominence in Mikel Arteta’s plans.

Chelsea emerge as leading contenders

Although Atletico’s withdrawal would reduce the number of clubs competing for Zubimendi, Chelsea are expected to pose a major challenge to Real Madrid if the Spain international decides to leave Arsenal.

The COPE report said Chelsea would be the most likely destination for the midfielder in that situation. Their interest is strengthened by Xabi Alonso’s long-standing appreciation of Zubimendi, dating back to the period when the two worked together at Real Sociedad.

That leaves Chelsea in a relatively strong position, while Real Madrid could seek to bring Zubimendi back to the Spanish league. He left Real Sociedad in the summer of 2025 to join Arsenal.

Arsenal set £60m asking price

The principal obstacle for any interested club is expected to be Arsenal’s valuation. The Independent reported that the Premier League club would not be prepared to sell Zubimendi for less than £60m – the fee Arsenal paid to sign him from Real Sociedad.

A departure has become more plausible because Arteta has several midfield options available. Arsenal signed Brazil international Bruno Guimaraes for £85m last summer, and the manager has recently used Guimaraes alongside Declan Rice in central midfield.

Zubimendi’s position may also depend on Arsenal’s plans in attack. Arteta wants to sign a quick winger capable of carrying the ball forward, and the club may need to complete a significant sale to generate the funds required for that deal.

Real Madrid are therefore monitoring the situation rather than holding a decisive advantage. Atletico Madrid’s denial removes one potential rival from the Spanish capital, but Chelsea’s strong interest and Arsenal’s expected £60m demand mean the competition for Zubimendi remains open.