The Blues are looking for reinforcements after Enzo Fernandez's late-summer move to Manchester City, and Zubimendi is understood to remain among the players under consideration at Stamford Bridge.
Alonso showed an interest in signing the Arsenal midfielder before the summer transfer deadline, but his approach was rejected by Mikel Arteta, who regarded the Spain international as an important part of his squad.
The Arsenal manager had praised Zubimendi's contribution during the club's title-winning campaign, despite the midfielder having a reduced role towards the end of the season.
"We know that without him we would never reach the level and the way that we competed throughout ten months," Arteta said.
> "At the end he didn't play that much. He still played some important minutes but he didn't play that much.
"But no one can neglect the importance of what we did and how important he is for us."
However, Zubimendi's involvement has become more limited this season, potentially giving Chelsea an opportunity to return with another approach.
The 27-year-old has reportedly played only 100 minutes in the Premier League, making nine appearances from the bench. His three starts have come in two Carabao Cup matches, including Arsenal's penalty shootout defeat by Fleetwood, and a Champions League fixture against Slavia Prague.
Chelsea are not alone in monitoring his situation, with Real Madrid and Atletico Madrid also reportedly interested in the midfielder.
According to [_The Independent_](https://www.independent.co.uk/sport/football/martin-zubimendi-chelsea-transfer-arsenal-real-madrid-atletico-b3082231.html), all three clubs are assessing whether a deal could be possible in January. Arsenal are understood to value Zubimendi highly, but his reduced playing time and the club's plans to strengthen elsewhere could influence their position.
The Gunners are also looking to reinforce their attacking options and may need to consider player sales to finance further recruitment.
Zubimendi joined Arsenal from Real Sociedad in 2025 after a long-standing interest from the club, but the arrival of Bruno Guimarães has increased competition for places in midfield.
Alonso knows the player particularly well from their time together at Real Sociedad's reserve side. The Chelsea manager previously spoke highly of the Spaniard, describing him as a midfielder capable of improving the players around him.
"Martin's a player all coaches would want," Alonso said in 2022.
"He's generous, he always thinks more about his team-mates 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."
Alonso's interest in Zubimendi comes after Chelsea failed to complete a late deal for Monaco midfielder Lamine Camara during the summer window.
A transfer had been agreed in principle, but the move collapsed in the final hours after Folarin Balogun's proposed transfer to Everton appeared likely to go through. Monaco became reluctant to lose another player as a result.
With that deal falling through and Fernandez having departed for Manchester City, Chelsea could return to the market for a midfielder in January.
Zubimendi's situation at Arsenal will therefore be one to watch, although there is no indication that the player himself is pushing to leave the Emirates.