The former Newcastle midfielder is keen on a move to the Gunners, with the Spanish outfit open to selling given the player has entered the final year of his contract.
Arsenal’s interest in Merino dates back to before the 28-year-old helped Spain win Euro 2024 by scoring a dramatic late winner against Germany in the quarter-finals.
Sporting director Edu is said to have travelled to Spain earlier this week in an attempt to get a deal over the line, with Mikel Arteta keen on signing a new midfield option before the close of the window.
Sociedad have attempted to keep Merino but the player has so far been unwilling to sign a new deal.
The San Sebastian club do, however, include Martin Zubimendi in their squad after the midfielder snubbed a move to Liverpool.