Arsenal and Atletico Madrid consider swap deal involving Martin Zubimendi and Julian Alvarez

Premier League champions Arsenal and Atletico Madrid could reportedly negotiate a sensational winter swap deal. The proposed move would see midfielder Martin Zubimendi head to the Spanish capital, while forward Julian Alvarez would complete a return to English football with the Gunners. Blockbuster swap touted between Arsenal and Atletico Arsenal and Atletico Madrid could reach an agreement on a major swap deal in the upcoming winter transfer window. Spanish media outlet RNE reports that defensive midfielder Martin Zubimendi could move to the Metropolitano, with Argentina forward Julian Alvarez heading to North London. Zubimendi arrived at the Emirates Stadium in July 2025 for a reported £55.8 million after a trophy-laden spell at Real Sociedad. However, the Spain international has seen his first-team opportunities limited during the current campaign. Zubimendi struggles for minutes in crowded midfield Despite featuring in every league match during Arsenal's title-winning 2025–26 campaign, Zubimendi has become a bit-part player under Mikel Arteta this term. The 27-year-old has amassed just 100 minutes of Premier League action without a single start, facing intense competition from Declan Rice, Bruno Guimaraes, Myles Lewis-Skelly, and Mikel Merino. "Back in the summer, Zubimendi could have left Arsenal, and there was even talk of Real Madrid," RNE sports director Silvia Barba reported. "He could join Atletico Madrid in the winter transfer window as an alternative to Julian." Alvarez faces difficult spell under Diego Simeone Alvarez has also endured a frustrating start to the season in Spain after his record-breaking €95 million move from Manchester City in August 2024. Having scored 20 goals in 49 matches across all competitions last term, the World Cup winner has managed just two goals in 12 appearances for Diego Simeone's side. "Arsenal like Julian, who is still clearly not fit," Barba added regarding the forward's situation. "The relationship between Atletico Madrid and Julian isn't working." Winter transfer window opens door for resolution Alvarez made his desire to leave Atletico clear over the summer after a potential move to Barcelona failed to materialise. With both players seeking fresh starts to kickstart their respective campaigns, a mid-season exchange could solve tactical dilemmas for both clubs. Arsenal and Atletico Madrid will continue monitoring the situation as the winter transfer deadline approaches.