Real Madrid were pipped to Zubimendi's signature last summer when Arsenal moved first, agreeing a deal worth around £60 million to bring the midfielder to the Emirates from Real Sociedad. The Spanish giants only entered negotiations months after Arsenal had already struck their agreement, leaving them unable to mount a late hijack.
A year on, reports in Spain suggest Madrid's admiration has not faded, and the timing looks pointed. Arsenal have just completed a £75 million deal for Newcastle captain Bruno Guimaraes, adding another elite option to a midfield that already features Declan Rice, Martin Odegaard and Mikel Merino alongside Zubimendi.
With Guimaraes expected to start alongside Rice as first choice, Zubimendi's route to regular minutes looks considerably narrower than it did twelve months ago.
Arsenal, though, remain keen to keep hold of him. Manager Mikel Arteta has already described Zubimendi as a "key player," and the club have set a valuation understood to be in the region of €90 million, a figure designed to discourage any approach rather than invite one.
The Spaniard's contract runs until 2030, giving Arsenal little incentive to sanction a sale even if Madrid or any other suitor were to test their resolve.
Zubimendi arrived at Arsenal with considerable fanfare last year and played a significant role in a title-winning campaign before adding a World Cup winner's medal with Spain this summer.
That pedigree, combined with Arsenal's growing squad depth in central midfield, means any final decision on his future is likely to rest as much on game time and squad harmony as on price. Arsenal are also defending their Premier League title while competing in the Champions League, giving Arteta good reason to value depth over a fee, however substantial.
For now, Arsenal have given no indication they are willing to let him leave, whatever Madrid's continued interest suggests about his standing elsewhere in Europe.
Chelsea have also been credited with admiration for the midfielder, adding a further layer of competition should Arsenal's stance soften as the window edges towards its close.