The Aston Villa striker had to play second fiddle to Three Lions captain Harry Kane throughout this summer's tournament, but he made his mark when called upon in the semi-final triumph over the Netherlands.
Indeed, Watkins came off the substitutes' bench and scored a terrific 90th-minute winner to fire England into their second successive European Championship final, where they would eventually lose 2-1 to champions Spain.
The 28-year-old had previously excelled at club level for Villa during the 2023-24 campaign, scoring 27 goals and providing 13 assists in 53 games across all competitions, including 19 strikes in 37 Premier League games as Unai Emery's side finished fourth to qualify for next season's Champions League.
Watkins is known to be a lifelong Arsenal supporter and his impressive form over the last 12 months has subsequently seen him linked with a potential switch to the Emirates Stadium.
Has Ollie Watkins boosted his chances of securing 'dream' move to Arsenal?
Has Watkins put himself in the shop window after England heroics?
Arsenal are believed to be in the market for a new centre-forward, with Mikel Arteta seeking to recruit competition for both Gabriel Jesus and Kai Havertz, while Eddie Nketiah could be moved on as he searches for regular game time.
Villa are thought to have no interest in selling their star striker Watkins, but following his heroics with England, the ex-Brentford man could drive a harder bargain during future contract negotiations with the Lions which could lead to a big-money switch to Arsenal, according to a financial expert.
Speaking to Saxo, as quoted by the Daily Mirror, Professor Rob Wilson of Sheffield Hallam University said: "When we talk about the knock-on benefits in terms of branding for other players in the England squad, what we are really looking for are iconic moments.
"Ollie Watkins will be revered for the next few months and that will have an impact on his contract negotiations at Aston Villa, or could even put him in the shop window for a potential transfer to one of the so-called 'elite clubs'."
Should Villa be concerned by potential Watkins exit?
Not only Arsenal, but Liverpool, Manchester United and Chelsea have also been credited with an interest in Watkins, with a recent report from Football Insider claiming that Cole Palmer is trying to persuade his England teammate to join him at Stamford Bridge.
However, having now complied with the Premier League's Profit and Sustainability Rules, Aston Villa are under no immediate pressure to cash in on any of their star players, including Watkins who still has four years remaining on his contract.
Villa will also feel that they can be considered more or less an 'elite club' now that they have qualified for next season's Champions League ahead of Man United, Chelsea and Tottenham Hotspur.
Watkins is thought to be valued by Villa in the region of £100m, which could prove to be a stumbling block for potential suitors.
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