The Gunners have signed their midfield in the summer transfer window with the addition of English foreigner Declan Rice.
Although the former West Ham United player has a key player at Arsenal, the Gunners are still looking for reinforcements in midfield amid the uncertainty surrounding Thomas Partey’s future.
The north London club are reportedly receiving offers in January for Partey, who has seen his 2023-24 campaign interrupted by injuries.
As Arsenal prepare for Partey’s possible departure, they reportedly know Zubimendi as a target along with Real Madrid’s Aurelien Tchouameni.
According to Bild, Arsenal could face competition from overseas, with Bayern said to be interested in signing the 24-year-old.
The German champions are still keen to sign a new defensive midfielder after failing in the summer window.
They were due to sign Joao Palhinha from Fulham but were unable to close the deal before the September 1 transfer window.
While it remains to be seen whether they will review a deal for Palhinha, Zubimendi has now been mentioned as a conceivable option.
The Spanish international made a move earlier this year, amid interest from Arsenal and Barcelona.
Zubimendi stayed at Real Sociedad, helping the Basque club complete its Champions League run with three wins and one draw.
The Real Sociedad academy graduate has made 17 appearances in all competitions this season, scoring one goal and one assist.
Although he has a contract until June 2027, his current contract is said to involve a clause of around €60 million (£52 million).
In addition to Bayern, Arsenal could also face the festival of Premier League rivals Manchester United, who are also said to be among Zubimendi’s admirers.