The Spain international has seen his involvement come under the spotlight this season, prompting speculation that he will consider his options in January.
The player has sought to play down concerns over his role at Arsenal, while also tempering speculation about a potential move.
There have been links with a return to Spain, where Real Madrid and Atletico have both been mooted as possible destinations. Chelsea's emergence as a possible landing spot adds another dimension, particularly given their need to strengthen in midfield and the admiration Xabi Alonso has for the player.
Zubimendi insists he is happy at Arsenal for now, but sources say the questions over his long-term future do remain.
Alonso previously identified him as a midfielder of interest during his time at Real Madrid, and it is clear that a player of his profile would be a boost to Chelsea's squad.
Alex Scott remains the club's main midfield focus, but further recruitment in the position is also being considered, and his status and ability make him a player of interest.
At this stage, sources do not believe that a move from Arsenal to Chelsea is his most likely outcome - but it is not being ruled out, either.
There remains some expectation that Zubimendi might, in fact, stay at Arsenal until the summer. That could offer Chelsea a better chance of signing him, in addition to Scott - or someone similar.
A significant question will be whether Zubimendi's next move, whenever it comes, involves staying in English football.
Chelsea could offer a familiar league and a potential reunion with Alonso, but the prospect of returning to LaLiga carries its own appeal.
With his Arsenal future attracting increasing attention, the coming months will help reveal which direction seems most realistic.
Dean Jones has been a transfer news and football insider for Flashscore since 2025, as well as a journalist for leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
