Brazil international Bruno Guimaraes' arrival has increased competition in Mikel Arteta's midfield with captain Martin Odegaard looking revived at the start of 2026/27.
That has impacted Zubmendi's place in Arteta's plans at the start of the season after making 57 appearances in his debut season at the Emirates Stadium.
He's featured in six of Arsenal's seven games so far in 2026/27, but all of those appearances have been as a substitute, and the Spain international has been linked with a possible exit in January.
A delayed preseason return after winning the 2026 FIFA World Cup with Spain is another reason for Zubimendi's lack of prominence and that appears to be key in Arteta's thinking.
Real Madrid were linked with a bold summer bid - after missing out on the 27-year-old in 2025 - and former boss Xabi Alonso considered an offer to bring him to Chelsea.
However, all offers are expected to be rejected, as Arteta does not want any disruption to his squad and he wants to give his fellow Basque native another chance in North London.