Arsenal believed they had all wrapped up. They’d been pursuing the Real Sociedad midfielder for months, with sources close to the club suggesting the two sides had agreed to a deal worth around $62 million. Then came whispers from Madrid. Suddenly, Real’s interest in the 26-year-old Spaniard intensified, bringing a new layer of uncertainty to what seemed a sure move for Mikel Arteta’s team.

For Arsenal, Zubimendi isn’t a luxury purchase. They’re bracing for midfield exits, with Jorginho and Thomas Partey both in line for departures when their contracts end. Zubimendi, who has impressed many with his calm distribution and defensive awareness, fits neatly into a system that already includes Declan Rice and Martin Odegaard. But now the Zubimendi deal looks in jeopardy thanks to Los Blancos.

Real Madrid, however, can offer a gravitational pull that even Premier League clubs sometimes struggle to match. They’re ready to meet Zubimendi’s release clause, believed to be around $65 million, and they have a track record of snapping up top Spanish talent. While Arsenal can push the allure of a starring role in London, Madrid can promise the glamor of playing for one of history’s most decorated sides. That’s a potent temptation for any player, let alone one dreaming of a regular spot in ‘s midfield.

Zubimendi to follow in the footsteps of Xabi?

Zubimendi’s youth coach, Roberto Montiel, once said he sees parallels with ‘s career. “I have the feeling that he’s following in the footsteps of Xabi Alonso,” Montiel noted, hinting that Zubimendi might spend key years in San Sebastián before making a grand move. Now, with Real Madrid looming and Alonso himself tipped to replace Ancelotti next season, some see it as a chance to trace a path not unlike Alonso’s. Xabi famously starred at Sociedad before moves to Liverpool and Real Madrid. Yet for Arsenal, there’s hope his admiration for Mikel Arteta—and his interest in the Premier League—will tilt the scales.

Even so, not everyone thinks a new midfielder should top Arsenal’s wish list. Former defender feels the Gunners need an elite striker above all. “Arsenal fans have been calling out for a No.9 for two or three years,” Ferdinand said. “If you can sign [Alexander] Isak, you’ve got to do it. They could win the league with him.”

Arsenal’s Mikel Arteta insists they won’t sign players for the sake of it. “We had a clear intention… to explore the opportunities to improve our squad with players that can make an impact,” he said of the club’s last transfer window. “We are disappointed… but we are very aware that we only want to bring certain kinds of players and we have to be very disciplined.”

That discipline may be tested if Madrid continues its pursuit. Should Real convince Zubimendi to stay in Spain, Arsenal will be forced back to the market for a solution they believed was already in their grasp. But if the Gunners get their man, it will be a bold statement for a club that’s determined to return to the summit of European football.