The Gunners failed with an attempt to sign Zubimendi a year ago and opted to spend the majority of their summer budget on a £105 million deal for Declan Rice.
Bayern, meanwhile, were unsuccessful in their bid to sign Joao Palhinha from Fulham last summer but remain in the market for a new central midfielder once this season is over.
According to Bild’s Bayern Insider podcast, Zubimendi is one of the Bundesliga champions’ top targets for the summer but Arsenal are providing ‘serious’ competition.
The podcast adds that Mikel Arteta has already held talks with Zubimendi and the midfielder would be open to joining Arsenal.
Zubimendi has a €60m (£51.2m) release clause in his deal with Real Sociedad.
Zubimendi has established himself as one of the best deep-lying midfielders in La Liga after making his first-team breakthrough nearly five years ago.
The 24-year-old has received glowing reviews for his midfield awareness, most notably from Xabi Alonso who coached him at Real Sociedad B.
‘Martin’s a player all coaches would want,’ Alonso told The Guardian in 2022.
‘He’s generous, he always thinks more about his teammates than himself. He has that ability to generate play, to make those around him better, always offering solutions; to improve the move.
‘He understands what the next step is before the ball gets to him. He has that ability to organise, the axis. I loved working with him.’
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