However, the financial demands the Gunners would have to meet make it highly unlikely for a move to happen before the January transfer market ends, and the Spain international is also not agitating to leave this month.
Arteta salutes Arsenal supporters after win at Brentford
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Williams has been involved in 34 goals since the start of last season, and Arsenal could do with such an attacker during the second half of the season.
The North Londoners could be without Bukayo Saka until March or April following surgery, and they need a quality replacement for the time being.
To get Williams this month, Arsenal have to pay his €60 million release clause in full and meet his personal demands, making a move very tricky.
A summer deal appears to be more realistic, and the Gunners may need to wait until then to get their man.
Arteta is a huge admirer of the Spanish winger given his versatility, pace and creativity, but he has to look elsewhere for the attacking reinforcement he badly craves from the look of things.
Williams is reportedly open to a Premier League move after a deal to join Barcelona fell through last summer, but the Gunners will have a fierce battle on their hands should they look to land him even next summer, with Bayern Munich, Tottenham Hotspur, Chelsea and Liverpool also keen on recruiting his services.
Arsenal have been linked with a loan interest in Brighton & Hove Albion striker Evan Ferguson, but it remains to be seen whether the Seagulls are open to a deal.
They need to strengthen their options in attack to have a realistic chance of pipping Liverpool to the title this term, and Arteta will be desperate to land a quality forward capable of significantly improving his side.
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