Arsenal midfielder Martin Zubimendi has reportedly decided to explore an exit during the upcoming January transfer window after falling down the pecking order at the Emirates Stadium.

The Spain international played a key role as Mikel Arteta’s side won the Premier League title last season, but he has since been demoted to a rotation option thanks to the form of Myles Lewis-Skelly and the summer arrival of Bruno Guimaraes from Newcastle United.

Zubimendi is still yet to start a Premier League match this season and he has been an unused substitute in three of Arsenal’s last four English top flight games, including their narrow 1-0 victory over Liverpool on Sunday afternoon.

Chelsea and Real Madrid are understood to be among the frontrunners to sign the 27-year-old and while Arsenal blocked a sale over the summer, Zubimendi is now ready to leave the club in January, according to a report from TEAMtalk.

Atletico Madrid, Barcelona, Bayern Munich, Borussia Dortmund and Real Madrid are all keeping close tabs on Zubimendi’s situation ahead of a potential approach, while both Chelsea and Liverpool have been informed of his desire to explore a transfer when the winter window opens.

Arsenal are reportedly aware of the Spaniard’s wish to leave the club, although they won’t sanction a sale unless the deal is satisfactory from a financial perspective.

The Gunners paid €70m to sign Zubimendi from Real Sociedad in 2025, and his Estimated Transfer Value (ETV) has increased to €79m, despite his lack of game time so far this season.

Martin Zubimendi: Xabi Alonso’s dream signing

Over the summer, rumours hinted that Chelsea manager Xabi Alonso was eager to reunite with Zubimendi, having coached him during his time in Real Sociedad’s academy, and it’s understood the pair retain an extremely close relationship.

Chelsea are in the market for a new central midfielder and while Bournemouth star Alex Scott is their top January target, Alonso could be tempted to lodge a formal bid for Zubimendi given his desire to explore an Arsenal.

Arteta firmly ruled out a sale this summer, but Zubimendi is evidently unhappy with his current status at the Emirates Stadium and the allure of reuniting with Alonso at Chelsea could prove too strong for the Spain star if he continues to struggle for consistent game time in Arsenal’s stacked first-team squad.