The World Cup winner has featured in all five of Arsenal's matches so far this season across the Premier League and Champions League, but always from the bench, rarely playing beyond 70 minutes.
Zubimendi joined from Real Sociedad in the summer of 2025 for a fee of around €70 million, initially thriving as Mikel Arteta handed him the keys to midfield during an impressive start to life in north London.
His form dipped as last season wore on, however, and Myles Lewis-Skelly eventually took his place in the side, starting the Champions League final ahead of him at the end of the campaign.
Arsenal have since added further competition in the middle of the park, signing Bruno Guimarães from Newcastle United, who has now recovered from injury and looks to have leapfrogged Zubimendi in the pecking order too.
According to reports in Spain, Real Madrid are monitoring the situation closely, with the Spanish giants having tracked Zubimendi since his time at Real Sociedad and having missed out on Rodri to Barcelona in the summer.
Should the 27-year-old continue to struggle for minutes, there is a growing expectation that he could push for a move away from the Emirates Stadium as soon as January if his role does not change soon.
Arsenal are under no financial pressure to sell, with Zubimendi under contract until June 2030, but reports suggest they would consider allowing him to leave for a fee in the region of the €70 million they paid Real Sociedad for him two years ago.
Xabi Alonso, during his time in charge of Real Madrid last season, had already identified Zubimendi as a target, only for the move to be knocked back by the club hierarchy at the time before he later left for Chelsea.
With Zubimendi's situation at Arsenal now under fresh scrutiny, that interest from Real Madrid could resurface as a serious option once the winter transfer window opens in January next year, with his camp said to be weighing up their next move.