The January transfer window has closed without Arsenal adding the attacking player they desired.
After losing both Bukayo Saka and Gabriel Jesus to significant injuries, Arsenal escalated their efforts to sign a forward — yet despite discussions with Aston Villa over a possible deal for Ollie Watkins, the prospect of signing a new striker never came particularly close.
Arteta has been clear throughout the window that he hoped for an attacking addition, but manager and club were aligned on the principle that they did not want to make a signing simply for the sake of it.
“Bringing in bodies doesn’t help at all… Just someone who can immediately impact on performance and bring something we don’t have,” Arteta said earlier this month, before adding portentously: “In this market it is very difficult to achieve.”
So it proved. January is a difficult market — and one that has become yet more convoluted with clubs navigating profit and sustainability regulations (PSR). Arsenal hoped to exploit a PSR situation to sign Watkins, but Villa ultimately found another way to satisfy the financial regulations.
Aside from Watkins, Arsenal ultimately felt the best options simply were not available in January. They did not want to be financially reckless, or compromise for a player they did not believe would serve them in the long term.
The strategy may be sound, but this is a calculated gamble on the part of the Arsenal hierarchy.
On the one hand, they have preserved their budget and protected their summer plans — ones they believe will substantially improve the options at Mikel Arteta’s disposal. Arsenal know where they want to go, and do not believe they will get there by taking shortcuts.
On the other, they have taken a considerable risk here. With Jesus already out, an injury to Kai Havertz would leave Arsenal without a recognised centre-forward in the squad. Leandro Trossard can play there, but with Saka not expected back for some time yet, that would further weaken Arsenal on the flanks.
The wisdom of that wager will be assessed in May.
Arsenal’s leadership convened in Los Angeles in November to discuss, among other things, plans for the January transfer window. Arteta, executive vice-chair Tim Lewis and managing director Richard Garlick all made the trip. They were joined by Jason Ayto, who had stepped in as interim sporting director just days prior, after the resignation of Edu.
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At that stage, Arsenal’s vision for the window was to lean in to the long term — to try to recruit development players who could flesh out the existing squad, but also deliver value over the coming years. The primary targets under discussion were two 18-year-olds: Brazilian centre-half Vitor Reis, and Norway youth international Sverre Nypan.
There was also, however, an acknowledgement that the January window is often about being reactive, and attending to the immediate needs of the squad. When Saka tore his hamstring on December 21, Arsenal’s plans were thrown into some doubt. When Jesus injured his anterior cruciate ligament on January 12, the search for a new forward intensified.
Injuries to Bukayo Saka and Gabriel Jesus made Arsenal reassess their January plans (David Price/Arsenal FC via Getty Images)
In the intervening period, Manchester City had stolen a march on Reis. Arsenal had watched him extensively, including having an in-person presence at Palmeiras’ game against Corinthians on November 5. At that time, Arsenal were seen as his most likely destination — ahead even of Real Madrid. Reis was identified as a player to future-proof the centre of Arsenal’s defence.
But there was debate over how finances should be allocated. Arsenal entered January with a sizeable but finite budget — especially given summer plans to move for Real Sociedad midfielder Martin Zubimendi. Ayto and new director of football operations James King have picked up the baton from Edu in the Zubimedi talks, and Arsenal remain strongly positioned to win the race for the Spain international’s signature.
Some at Arsenal, including Arteta, felt resource should be reserved in case it was needed to attend to the immediate needs of the first team. Reis would have cost around £30million ($37m). Even before Jesus went down injured, Arteta had concerns about spending that much on a player who was unlikely to be a difference-maker for Arsenal this season — and in a position in which Arsenal already had considerable depth.
But who could they sign to bolster their attack in January? Arteta was insistent he did not simply want a body — he wanted a player who improved the squad.
Arteta’s preferred candidate, Alexander Isak, was simply out of reach. Enquiries around Benjamin Sesko, who Arsenal continue to follow closely, did not receive an encouraging response — RB Leipzig viewed selling their star player in mid-season as unthinkable. Having committed to a new contract in June 2024, Sesko was intent on seeing out the campaign in Germany.
The possibility of a deal for Watkins was first floated during conversations between the two club hierarchies at the Premier League game between the teams on January 18.
Villa were always likely to sell one of Watkins or Jhon Duran this window. Manager Unai Emery had struggled to accommodate both in his starting line-up, and allowing one to leave would ease Villa’s PSR issues.
Villa were already in talks with Al Nassr about a possible transfer for Duran, but with some degree of doubt over whether that deal would come to fruition, were prepared to entertain the prospect of selling Watkins to Arsenal for £60m.
Arteta jumped at the idea. Although Watkins had never previously featured on Arsenal’s recruitment lists, the manager reasoned that here was a Premier League-proven goalscorer who could hit the ground running. A deal would scupper any summer move for Sesko, but with Arsenal’s need for attacking additions becoming urgent, that was a risk the Arsenal manager was prepared to take. For all the 21-year-old Slovenian’s potential, he comes with few guarantees. Watkins, 29, was seen as an established, experienced player who could help Arsenal win now.
Approval for Watkins was not unanimous. Some argued against paying a sizeable fee for a player who turns 30 before the end of 2025. There were some concerns over his limited resale value and impact on future plans. As is often the case at Arsenal, Arteta’s stance won out. Josh Kroenke arrived in London to join a recruitment meeting a few days after the Villa game, and a firm decision was made to pursue Watkins.
A boyhood Arsenal fan, Watkins was excited by the prospect of joining the club. On Monday, January 27, Arsenal submitted an opening offer of £40m — a price which reflected some of the concerns over the deal. Villa dismissed it immediately, as it fell some way short of their valuation.
Arsenal intended to bid again, but when Al Nassr definitively decided to close a deal with Duran instead of Bayer Leverkusen’s Victor Boniface, the Watkins transfer was suddenly off the table. By the time the news of Arsenal’s interest in Watkins broke, the deal was effectively already dead.
Alongside the Watkins deal, Arsenal had attempted to sign Nypan from Rosenborg. The highly regarded midfielder was in Erling Haaland’s box at Manchester City vs Chelsea on January 25, and the subject of interest from City Football Group side Girona as well as Aston Villa.
Sverre Nypan emerged as a target for Premier League clubs during this window (Brendan Moran/Sportsfile via Getty Images)
During his trip to England, Nypan met with Arsenal to hold in-person discussions. He returned to Norway without making a definitive decision on his future, and later communicated a desire to stay with Rosenborg until the summer and consider his options — a choice Arsenal respected. Nypan has not played since early December and feels he will manage the transition better in the summer when he is at full fitness.
Nypan’s suitors remain interested in him, and a decision could be made in the coming months. Nypan and his father will assess interested clubs by six key criteria. The two most important will be how wanted he is by the club, and the player’s gut feeling. They will also factor in playing time, social life away from football, the league status and media pressure, and the economics of the deal. Each club will receive scores in each category, and that will inform Nypan’s decision.
“The clubs that are very interested are also very understanding of this choice (to delay) and think it is completely OK,” Nypan’s father Arne told Norwegian outlet VG. “Sverre should be part of a long-term project and a generational change.
“Sverre wants to think long term. This is his whole life. If there is uncertainty before the third, why the hell should we make the choice?”
With five days remaining in the window, and Watkins now out of reach, Arsenal went back to the drawing board.
When they travelled to Spain for last week’s Champions League game with Girona, they held talks with the representatives of Espanyol goalkeeper Joan Garcia. Arsenal tried and failed to recruit Garcia last summer, and intend to return for him later this year.
In the same meeting, Arsenal expressed an interest in another of the representatives’ clients: Alvaro Morata. They were interested in a loan deal for AC Milan’s 32-year-old striker. The indications were that Milan would have been prepared to sanction such a deal, but Arsenal were beaten to the punch by Galatasaray. The Turkish team were emphatic that they wanted Morata and wanted him now — Arsenal did not have the same conviction, and wanted a moment to take stock.
Outside of Watkins and Morata, there were not many available forwards in the market who piqued Arteta’s interest. Arsenal have previously admired Evan Ferguson, but were not able to take him on loan having already signed Raheem Sterling and Neto on temporary deals. His signing would also have been a gamble of its own, given his struggles for form and fitness.
Arsenal were contacted by intermediaries to assess their interest in signing Mathys Tel from Bayern Munich. Although they are aware of Tel’s credentials, they did not view him as a No 9, and felt his relative lack of experience might make it difficult for him to make an impact at the season’s climax.
It was, ultimately, a quiet January for Arsenal.
At the end of December, they had a brief window in which they were able to recall Fabio Vieira from his loan with Porto, but they decided against it.
Arsenal fielded interest from Borussia Dortmund in a loan for Oleksandr Zinchenko, but were only prepared to consider a permanent deal. Celtic were keen to bring forward Kieran Tierney’s free transfer to January, but Arsenal and Tierney decided together he would remain with Arteta’s squad until the summer.
There is still cause for optimism. Arsenal have been delighted by the impact of Myles Lewis-Skelly and Ethan Nwaneri, who have validated the decision to promote them to the first team. They believe they will have Saka back for the run-in. The worry will be that further injuries could derail their season.
Having initially planned to use the window to recruit younger, development players — then later pivoting to adding an experienced forward — Arsenal ultimately chose to proceed with neither.
That decision to keep their powder dry places significant emphasis — and even pressure — on their summer transfer window.
They hope to secure the signing of £50million midfielder Zubimendi. Their interest in targets such as Nypan and goalkeeper Garcia is ongoing.
Crucially, the centre-forward position will be addressed. Their admiration for Isak remains, and they continue to be in a strong position on Sesko. It is also not beyond the realms of possibility they return with a bid for Watkins. The positive is that when it comes to the summer, Arteta and Arsenal should have some choice about which striker they pursue.
The January window may be closed, but the work on Arsenal’s summer continues. For now, that will be led by Ayto. It has been an interesting month for him: a real-time job interview in which he has had to balance the needs of the squad with long-term strategy.
A signing might have earned him more credibility externally, but his judiciousness may win admiration internally. Arsenal will now continue the sporting director recruitment process, with a view to making an appointment before the summer.
There is an acknowledgement this will be a big summer for Arsenal — that it has to be. They have left themselves with work to do.
Before that, they are still in the fight for silverware this season. The morning after Wednesday’s Carabao Cup semi-final second leg at Newcastle, the squad depart for a warm-weather training camp in Dubai.
Arsenal’s forwards will need the rest and respite. Their fitness — Havertz’s especially — is now utterly vital to the club’s chances of success.
(Top photos: Getty Images)
