Arsenal transfer news: Real Madrid move 'too late' as academy graduate lined up for £26m switch

Mikel Arteta's Arsenal side sit atop the Premier League table with just 17 games to go and remain alive in both domestic cups and the Champions League two weeks into the new year

Arsenal face a quick turnaround after their FA Cup third round victory over Portsmouth, with Mikel Arteta's side up against Chelsea in the first leg of their Carabao Cup semi-final on Wednesday night. With the flurry of fixtures there's barely been any time to look at the transfer market but the Gunners could still be busy.

Arteta has been honest about his team's plans as we approach the halfway point in the transfer window. Arsenal are open to adding to their ranks in January, as they have done to good effect in previous windows, but it depends on whether suitable players are available at the right price-point.

It was a busy summer, after all, with Martin Zubimendi, Noni Madueke, Viktor Gyokeres and Ebere Eze all arriving for fees north of £45million. There may well be more money spent next summer, too, if Arsenal exercise their purchase option on loanee Piero Hincapie.

Previous January windows have seen the London side swoop for the likes of Leandro Trossard and Jorginho, while winter window sales have included Ayden Heaven's move to Manchester United. Here are Mirror Football's latest transfer lines relating to Arsenal, including a potential second move in two years for a player once slated for big things in North London.

READ MORE : Marc Guehi transfer favourite emerges as Arsenal and Liverpool make January callsREAD MORE : Carabao Cup semi-final details - fixtures, schedule and VAR details

Real Madrid's Zubimendi problem

Arsenal won the race for Spain midfielder Martin Zubimendi over the summer but they aren't the only club to have pursued him in recent windows. Liverpool were unsuccessful in their pursuit of the former Real Sociedad star and Real Madrid also made a late summer play in 2025, only to learn they were too late.

According to AS, Madrid's then-manager Xabi Alonso was keen on reuniting with a player he knew from their time together in San Sebastian. However, Los Blancos are said to have hesitated over a move and by the time they committed it became clear the player had chosen Arsenal.

Madrid still spent money in Alonso's first window as manager, signing Trent Alexander-Arnold, Alvaro Carreras, Dean Huijsen and Franco Mastantuono. However, Alonso is said to have complained to club staff he needed a marquee midfield signing who offered something not provided by the likes of Jude Bellingham, Eduardo Camavinga, Aurelien Tchouameni and Fede Valverde.

The manager hasn't been afforded a second window to improve the squad. He was sacked on Monday, with former Liverpool and Real Madrid defender Alvaro Arbeloa announced as his successor.

Malen lined up for another move

Donyell Malen completed a Premier League return last January, some eight years after leaving Arsenal. However, the Dutch striker's Aston Villa spell could be a short-lived one.

Malen was highly rated when on the Gunners' books, only for Arsene Wenger to allow him to leave for PSV Eindhoven. His scoring exploits in his homeland earned the forward a move to Borussia Dortmund, who he helped reach the 2024 Champions League final before moving to Aston Villa the following January.

Despite finding himself in and out of the side under Unai Emery, the 26-year-old still has 10 goals in all competitions at a rate of one every 150 minutes. That's been enough to prompt transfer interest from Italy.

According to Sky Italia, Serie A giants Juventus have joined Roma in the race for the Netherlands international. Malen had been expected to move on loan, with an option for a £26million summer move if successful, though it remains to be seen whether Juve's interest impacts the terms of any deal.

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