The Spaniard's side might still be able to do something truly remarkable in the Champions League, but with Liverpool now 11 points ahead in the Premier League, any chance of domestic glory looks all but gone.
It's been a bruising campaign for the Gunners in that regard, as endless injuries and underwhelming form have seen them miss out on the chance to take advantage of Manchester City's incredible collapse.
Arsenal manager Mikel Arteta reacts
Fortunately, it appears as if the North Londoners are determined not to let the same thing happen next year by going big in the summer transfer market, and while Nico Williams has long been linked with the club, recent reports have now touted an even better player for a move to the Emirates.
Arsenal transfer news
Even before Arteta commented on the magnitude of the summer ahead, it looked almost certain that Arsenal would be in the market for a new centre-forward, as recent weeks have seen two names constantly linked with the club: Viktor Gyokeres and Benjamin Sesko.
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The former will supposedly be available for around the £58m mark and has amassed a tally of 55 goal involvements in 44 games for Sporting CP this season, while the latter could cost up to £67m and has amassed a haul of 25 goal involvements in 39 games for RB Leipzig.
However, it looks like the club don't just want a new centre-forward, as alongside Williams, there has been another superstar winger recently touted for a move to N5: Rafael Leão.
AC Milan's Rafael Leao
Yes, according to a recent report from Spain, Arsenal are keen on signing AC Milan's Portuguese game-changer.
The report has revealed that the Gunners have made the dynamic attacker one of their top priorities for the upcoming window as they seek a 'star signing'.
However, Milan are understandably reluctant to let their star man leave easily, so the North Londoners would have to pay his mammoth release clause, which reportedly exceeds €100m, or £86m.
It would be an incredibly costly and potentially complicated transfer, but given Leão's ability, it's one worth fighting for, especially as he'd be a better signing than Williams.
How Leão compares to Williams
So, if Arsenal can only sign one left-winger this summer, how does Leão stack up against Williams?
AC Milan's Rafael Leao before the match
Well, when it comes down to their pure output, the Portuguese superstar comes out on top.
For example, in 43 appearances this season, totalling 2997 minutes, the "unstoppable" Milan star, as dubbed by journalist Zach Lowy, has scored ten goals and provided nine assists, which comes out to an average of a goal involvement every 2.26 games, or every 157.73 minutes.
Leão vs Williams
Player
Leao
Williams
Appearances
43
39
Minutes
2997'
2689'
Goals
10
9
Assists
9
7
Goal Involvements per Match
0.44
0.41
Minutes per Goal Involvement
157.73'
172'
All Stats via Transfermarkt
In contrast, the Athletic Bilbao dynamo has scored nine goals and provided seven assists in 39 appearances, totalling 2752 minutes.
That means the Spaniard is currently averaging a goal involvement every 2.43 games, or every 172 minutes, which isn't bad but doesn't stack up to the competition.
Moreover, when we take a look under the hood at their underlying numbers, it's another win for the Almada-born monster.
For example, he comes out ahead in practically every relevant metric, including but not limited to expected and actual non-penalty goals plus assists, progressive and key passes, crosses and passes into the penalty area, goal-creating actions, shots and shots on target, passes into the final third and more, all per 90.
Leão vs Williams
Statistic
Leão
Williams
Non-Penalty Expected G+As
0.60
0.35
Non-Penalty G+As
0.58
0.43
Progressive Passes
3.74
3.17
Progressive Carries
4.95
5.34
Shots
2.57
2.45
Shots on Target
1.04
0.87
Passing Accuracy
75.0%
70.3%
Key Passes
2.48
1.88
Passes into the Final Third
1.58
1.06
Passes into the Penalty Area
2.16
1.35
Crosses into the Penalty Area
0.45
0.38
Shot-Creating Actions
4.77
5.05
Goal-Creating Actions
0.63
0.58
All Stats via FBref for the 24/25 League Season
Ultimately, signing either Leão or Williams would make Arsenal a far more dangerous proposition next season, but if they have to pick one, Arteta and Co should sign the Milan star, as he's simply the better player.
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