Julián Álvarez for Martín Zubimendi
Both clubs are interested in finalizing a historic exchange in January.
Atlético de Madrid and Arsenal are exploring the feasibility of conducting a direct player exchange in the upcoming winter transfer market, an operation that would involve the arrival of Martín Zubimendi to the red-and-white outfit and the transfer of Julián Álvarez to the London club. The Atlético's interest in Zubimendi has opened the door to a major move.
According to journalist Silvia Barba on RNE, both clubs are considering this approach to resolve the competitive ostracism of the Spanish pivot under Mikel Arteta and the lack of consistency from the South American forward at the Metropolitano.
Zubimendi's ostracism at the Emirates and historical Atlético interest
Martín Zubimendi's loss of prominence at Arsenal has reignited the interest that Atlético's technical secretary had in the player since his time at Real Sociedad. After having paid 70 million euros for his signing just over a season ago, the Basque midfielder has been sidelined from Arteta's starting plans, accumulating only 200 minutes of official play between the early commitments of the Premier League and the UEFA Champions League, without surpassing 100 minutes in the domestic league.
This lack of continuity has put the midfielder on the winter exit ramp, simultaneously attracting the attention of Real Madrid and Bayern Munich.
With a market valuation estimated at 65 million euros on Transfermarkt, the player views a return to Spanish football favorably to integrate into Diego Pablo Simeone's midfield structure.
The 150 million valuation for Julián Álvarez and financial compensation
On the opposite side of the negotiation is Julián Álvarez, who is going through a complicated phase in Madrid following his failed transfer to FC Barcelona during the past summer market. Despite the red-and-white team investing 75 million euros in his acquisition in 2024, the Argentine striker has registered only two goals in the current 2026-2027 season, maintaining a distant relationship with the crowd despite Simeone's public support.
Arsenal, which had already explored his signing last August after agreeing on economic terms that the player himself declined to avoid returning to England, still needs to incorporate a leading center forward. However, the main obstacle to the operation lies in the valuation of the assets: the Metropolitano board values Álvarez at 150 million euros and will not accept a pure one-for-one exchange without a substantial financial compensation to balance the valuation difference with Zubimendi.
The management teams of both clubs will maintain formal contacts through intermediaries in the first weeks of December 2026 to define the feasibility of the transfer. If Arsenal agrees to include a supplementary payment that meets the financial demands of Atlético de Madrid, Martín Zubimendi and Julián Álvarez will conclude one of the most impactful cross moves in European football in January 2027.
This is an automatic translation. You can read the original news, Julián Álvarez por Martín Zubimendi