Spain Under-21 forward Iñaki Williams is one of the hottest young European talents, and it looks like Arsenal have joined the race for his signature.
The 21-year-old could be available for as little as £15.3m - less than the Gunners paid for Danny Welbeck in 2014 - but Liverpool are expected to fight tooth and nail to secure his services.
Williams, who plays for hometown team Athletic Club, is the youngest player from any of Europe's top five leagues to score 10 goals this season.
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Arsenal have already made one signing during this transfer window, bringing in Egyptian midfielder Mohamed Elneny from Basel, and the Daily Telegraph claim Arsene Wenger could act quickly to stop Jurgen Klopp stealing a march when it comes to Williams.
The Arsenal manager is not thought to be keen to bring in a striker during this window, but Liverpool could force his hand.
Scouts from both clubs are thought to have been looking closely at the frontman, who has scored at a rate of almost a goal every other game this season.
