Mikel Oyarzabal transfer news: Arsenal’s real priority revealed
Mikel Oyarzabal transfer news: Arsenal‘s interest in Mikel Oyarzabal is genuine enough. It just tells a far more complicated story than the headlines suggest. Reports circulating via Transfer Feed indicate the Gunners have the Real Sociedad captain firmly on their radar this summer. Yet he remains a secondary choice. Julián Álvarez sits right at the top of Mikel Arteta’s personal shortlist. Oyarzabal is simply the backup plan.
That distinction matters immensely. Per Ben Jacobs, direct talks have already taken place between Arsenal and Atlético Madrid regarding Álvarez. Sami Mokbel at the BBC confirmed the Argentine striker is still the club’s main priority up front. Getting that deal over the line is tricky, though. Barcelona and Real Madrid are sniffing around, and Atlético have never been easy negotiators. Arsenal haven’t walked away from the table, but they need protection.
The €75m problem
So where does that leave Oyarzabal? His release clause stands at €75m. Contracted until June 2028, Real Sociedad have shown zero desire to negotiate a lower fee for their star man. The 29-year-old recently spoke about his deep love for San Sebastián, though he stopped short of ruling out a departure completely. A vague response, sure. But hardly a firm refusal.
Ekrem Konur reports that Arsenal are readying an official offer. Arteta liked what he saw during the FIFA World Cup, where the forward netted four goals, including a sharp brace against Austria in the knockout phase.
His domestic output in 2025/26 gives extra weight to Arsenal’s interest. Oyarzabal racked up 15 goals and four assists across 34 LaLiga outings last term. That comes out to 19 direct goal contributions, or 0.63 per 90 minutes, driven by a 46 per cent shooting accuracy from 78 attempts. Lifting the Copa del Rey with Sociedad provided another reminder of his big-match temperament. He has spent his whole career in San Sebastián, over 430 appearances, 133 goals, and 65 assists across all competitions. That level of loyalty is rare in modern football.
What happens next in North London
The major hurdle isn’t just that eye-watering €75m clause. Sociedad genuinely do not want to sell their skipper, and Oyarzabal hasn’t pushed for a transfer request either. His national team numbers have been outstanding, recording 13 goals and five assists in 14 matches for Spain across 2025/26. That run solidified his position as his country’s main forward heading into the latter stages of the World Cup. High form naturally drives up expectations, along with the price tag.
Dialogue with Atlético Madrid over Álvarez continues, but a substantial gap in valuation persists. Until that pursuit either succeeds or collapses, Oyarzabal remains on standby. A transfer story Arsenal aren’t quite ready to pull the trigger on just yet.
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Scorzo’s verdict
This reads purely as insurance. Arsenal desperately want a top-tier forward, but the pursuit of Álvarez has dragged on long enough that alternatives must exist. Paying €75m for Oyarzabal feels steep, particularly for a 29-year-old whose actual market value sits well below that release clause. International tournaments can distort reality. Four goals at a World Cup look great on paper, but his LaLiga record is solid rather than world-class. Fifteen league goals for a mid-table Sociedad side is decent, not elite. If the Álvarez option dies, Arteta might struggle to convince the board that spending that heavily on Oyarzabal makes financial sense.