Arsenal have been urged to consider including Martin Zubimendi in a potential swap deal for Atlético Madrid striker Julián Álvarez, with former Gunners forward Alan Smith believing the midfielder could help reduce the cost of a move.
Zubimendi arrived at the Emirates from Real Sociedad in the summer of 2025 for a reported £60 million. He played an important role during Arsenal’s Premier League title-winning campaign, making 34 starts as Mikel Arteta’s side ended their 22-year wait for the trophy.
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His situation has changed considerably this season, however. The Spain international has struggled to secure regular starts, with competition in midfield limiting his opportunities.
That reduced involvement has fuelled speculation about his future, with Atlético Madrid among the clubs reportedly monitoring his situation.
Alan Smith suggests Zubimendi could be part of an Alvarez deal
Smith believes Arsenal could use the midfielder’s uncertain position as an opportunity to negotiate for Álvarez, who remains a player he considers well suited to Arteta’s attack.
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Speaking about the possibility, the former Arsenal striker suggested that Zubimendi might be open to a move if his lack of playing time continues.
“Obviously he played a big part last season, but having been an ever-present, he might be getting a bit restless not to be getting starts, just to be coming off the bench for a few minutes,” Smith said.
“So that might be something that can be part of a bargaining chip for Arsenal.
“If you could do a part swap, then obviously you’re not shelling out over 100 million pounds on Alvarez, because I’m sure Atletico would want something well in excess of that. So that might be a way forward.”
Smith also believes Álvarez remains an attractive target despite a relatively quiet spell in front of goal this season.
“He’s 26 years old, he’s got some good years ahead of him, and he’s got plenty of energy. So to me, he still looks like the most suitable target for Arsenal.”
Arsenal’s previous pursuit of Julián Álvarez
Arsenal were linked with a move for the Argentina international during the summer transfer window, but a deal failed to materialise.
Álvarez had reportedly been more interested in joining Barcelona, while Atlético were reluctant to lose one of their key attacking players. The forward’s future has since attracted further attention amid questions about his situation and form.
The possibility of Arsenal returning for him in January has therefore become a subject of transfer speculation. However, including Zubimendi in an agreement would still require both clubs and players to accept the proposed arrangement.
Fabrizio Romano plays down swap deal speculation
Despite the growing discussion around a possible exchange, transfer journalist Fabrizio Romano has said that no negotiations are currently taking place between Arsenal and Atlético Madrid.
Romano has also played down suggestions that the clubs are actively working on a deal involving Zubimendi and Álvarez. Reports indicate that Atlético would be unwilling to meet the significant fee Arsenal could demand for the Spanish midfielder in January.
Zubimendi has also played down reports suggesting he is desperate to leave the Emirates, although his limited minutes could make his situation one to watch as the transfer window approaches.
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For now, Smith’s proposal remains an idea rather than a developing transfer agreement. Arsenal may be interested in strengthening their attack, but there is no confirmed indication that Arteta or the club’s hierarchy are prepared to sacrifice Zubimendi to bring Álvarez to north London.
The January window could provide further clarity, but any potential deal would depend on Atlético’s willingness to negotiate and the intentions of both players.
