Atlético Madrid and Athletic Club Bilbao circle to sign Arsenal star

Atlético Madrid exploring January loan with €30m option; Athletic Bilbao also monitoring but likely waiting until summer if they qualify for European football.

Arsenal midfielder Mikel Merino is attracting interest from two Spanish clubs ahead of next summer's transfer window. Atlético Madrid have moved quickest, with sporting director Mateu Alemany exploring a January loan deal with an option to buy set at around €30m (£25m), allowing them to bring him in without paying the full fee upfront.

Athletic Bilbao are also keeping close tabs on the 30-year-old's situation. However, their ability to make a move depends on qualifying for European competition, which would provide the financial muscle to compete. According to local outlet Bilbao Hiria, a deal would be worth around €30m if they secure European football. Athletic have history with Merino — they came close to signing him from Borussia Dortmund in 2017 before Newcastle intervened, and he later joined Real Sociedad instead.

Merino has struggled for regular starts at Arsenal this season, playing just 491 minutes across 14 appearances. Previous reports suggest he would consider leaving if his playing time doesn't improve, with a return to La Liga his preference. His contract runs until June 2028, and Atlético's potential January move could beat Athletic to the punch, though Real Madrid are also reportedly watching developments.