With Bukayo Saka out indefinitely, Ethan Nwaneri sidelined for at least several more weeks, and neither Gabriel Martinelli nor Leandro Trossard in form, it is no surprise Arsenal are keeping an eye on the transfer market. Given the strength of their interest in Athletic Club's Nico Williams, it should also be no shock that he is still seriously admired.

The Spain star was followed closely over the summer after impressing for both club and country last season. He ended the campaign with five league goals and 14 assists, adding another eight in total from the cup. It was at Euro 2024 that he truly announced himself as a European superstar.

Combining with Barcelona's Lamine Yamal, the pair terrorised defences in Germany on the way to winning the tournament. Arsenal, along with Chelsea and a host of other sides, were already tracking him before that but were left with little choice but to sit up and pay massive attention to his demands after his performances.

Williams hasn't been able to follow that up with a true statement campaign yet at his boyhood club in Bilbao, but that hasn't dented the interest. football.london understands that Arsenal remain keen on the player in 2025. Issues that were apparent in the summer are also still at play, though.

As a 22-year-old, and part of Athletic's unique wage structure, the money he commands is enormous. It was one of the reasons - along with a variable release clause standing at over £51million currently - that no true bid was made last year.

To get Williams to the Emirates Stadium would likely require a wage increase from Arsenal and that would immediately make him among the top earners. It could, in fact, break the system that has been methodically put in place over the past few seasons.

This is problem number one. The next is to do with that release clause. Although Arsenal are in a strong financial position without major constraints under the Premier League's profitability and sustainability rules (PSRs), they cannot spend entirely freely.

Suggestions that they are under no threat at all and could feasibly smash records to tempt Newcastle United into selling Alexander Isak, for example, are thought to be false, for example. There is money for additions if the club can find deals they deem as suitable, but it is not a blank cheque situation.

With Williams, this certainly plays a part, as the total package for him would be huge for a mid-season window. Then, there is the matter of convincing Williams himself to join.

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Not only has he shown dedication to his club already in his career, but leaving partway through a season would put his relationship in jeopardy as well as pose personal moral questions; there is an end in sight. Bilbao will host the Europa League final this season, and it could be an ideal chance for him to lift more silverware on home soil.

He already has the Euros to his name from 2024 and won the Spanish Cup months earlier too. Athletic are second in the group phase and almost certain to progress directly into the last-16 of the competition, having gone unbeaten in their six matches so far.

Williams is on course to have a strong year in Europe and is also helping his side to mount a solid push at qualifying for the Champions League, too. Athletic Club are currently fourth in Spain, six clear of Villarreal, although they have played a game more.

It sets up a big last few months of the season for Williams, in which there is plenty to gain. Due to his bond and intrinsic draw to his club, it makes a move now even less likely.

Then, on the sporting side, perhaps the worry is that Williams will need time to adapt. As Arsenal have shown with Declan Rice and Kai Havertz, a full pre-season behind them can be of huge benefit to making an immediate impact. Williams would be uprooting his settled life to head to England, where he is then competing with players of a calibre above what he is used to.

This all shows just why it is far from simple to get Williams. If the finances weren't an issue, there are still other concerns to take into account. Arsenal may well feel like they need reinforcements, and Williams is surely right to be among the top names, but getting a deal such as this over the line is extremely tough going.