The 22-year-old attracted attention from across Europe with his performances for Spain at Euro 2024. He registered two goals and one assist in Germany, including the opener in the final against England.
Having only signed a contract extension until 2027 last year, it would've taken a significant sum to prize him away from Athletic Bilbao, who are believed to have inserted a release clause believed to be worth €55million (£47m).
He was linked with both the Gunners and the Blues, as well as their La Liga rivals Barcelona. But the closing of the summer transfer window on Friday finally ended the speculation, which Williams addressed after a 1-0 home defeat to Atletico Madrid on Saturday.
In a clear hint he would also snub any interest in January, he told DAZN: "It's always good when big teams want you. But I always said that I wanted to be here. If there was anything, it was from my agent. I wanted to play in Europe with Bilbao [this season]."
However, Williams didn't rule out a move to England down the line. "My heart is Bilbao, but nobody knows what will happen in the future," he added.
After finishing fifth last season, they'll compete in the Europa League this campaign. It offers Williams another chance to impress on the European stage after eight goals and 16 assists domestically in 2023/24.
He's yet to make a goal contribution in Bilbao's opening four matches, albeit having faced Barcelona as well as Atletico. Barca had reportedly made him their top attacking target.
It's believed Williams wanted to stay put in his home country regardless of whether he left Bilbao, putting pay to Arsenal and Chelsea's interest. But they can take some hope from his latest admission.
The Gunners instead brought Raheem Sterling in on loan from Stamford Bridge, plugging their need at least in the short term. The Blues, meanwhile, loaned Jadon Sancho from Manchester United with an obligation to buy next summer.
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