Arsenal won the Premier League and reached the Champions League final last season, and Spain won the World Cup this summer with both players in the squad. The picture has since changed for the two former Real Sociedad midfielders, as Mikel Arteta's midfield options have multiplied.
Zubimendi has been hit hardest. His only start this season came in the League Cup. He lost his place towards the end of last season and has not started a Premier League or Champions League game so far. Bruno Guimarães arrived this summer, Myles Lewis-Skelly has kept the place next to Declan Rice, and Arteta rotated for the 1-0 Champions League win at Napoli by picking Merino instead of him.
Arteta has said publicly that Zubimendi remains “a really important player for us”. Even so, the 27-year-old could push for an exit in January if he is not restored to a regular role by then.
Real Madrid are the obvious destination. Xabi Alonso asked for Zubimendi in the summer of 2025, though a deal with Arsenal had already been agreed in March. Madrid made enquiries again this summer, and El Confidencial's Javi Roldán has claimed that Zubimendi will be their January signing under José Mourinho. Chelsea are also reported to be admirers. He is 18 months into a five-year contract.
Merino's situation is different. The 30-year-old is still part of the rotation and has started in the Champions League and the League Cup, but not yet in the Premier League. His return from injury has further intensified the competition for minutes.
His contract runs to June 2028, which means he will enter the final year of his deal at the end of this season. If he does not sign an extension, Arsenal could decide to cash in before he leaves for nothing in 2028, and the Spanish midfielder has strong appeal in Spain.
For Zubimendi, the key month is January. For Merino, the decision is more likely to come next summer.