In late June, Barcelona journalist Toni Juanmarti reported that Arteta had reached out to Merino personally to express his interest and outline his potential role at Arsenal.
The report suggested Merino could be available for €25m (£21.1m), making him a more affordable option for Arsenal than some of the alternatives.
Merino made 45 appearances for Real Sociedad in 2023/24, scoring eight goals and assisting a further four. He previously played in the Premier League with Newcastle United for a season, making 25 appearances in 2017/18 before moving on to La Liga.
The midfielder has been a regular for Spain at Euro 2024, largely coming off the bench, but he had a pivotal impact by scoring the winning goal in the quarter-final against Germany.