The 28-year-old is slightly older than Arsenal’s usual transfer targets – the average age of their signings over the past three years is 24 – but he could represent good value as he has only one year remaining on his contract.
Merino has some experience of English football, having played for Newcastle United from 2017-18 before moving back to Spain.
He has been a consistent and reliable figure at Sociedad over the last six seasons, averaging more than 30 appearances in each of his league campaigns at the club.
He is a former team-mate of Arsenal captain Martin Odegaard and, if the club choose to step up their interest, would provide extra depth in the defensive midfield and box-to-box midfield positions.
Arsenal are likely to face strong competition for Merino’s signature, however, with Spanish reports claiming that Barcelona and Atletico Madrid are among the interested clubs. It has been claimed in Spain that Sociedad would want around £20 million for him.
Meanwhile, Arsenal are understood to remain in negotiations with Bologna over their move for Italy defender Riccardo Calafiori, who could cost around £45 million.
Telegraph Sport reported earlier this month that Arsenal were targeting Calafiori, who can play at centre-back or left-back, and there is now a growing expectation that a deal will be done. Calafiori enjoyed an impressive European Championship on an individual level, even if Italy struggled as a team.