Spanish starlet Iñaki Williams has committed his long-term future toAthletic Bilbao by signing a new deal until 2021, following recent reports linking him with Liverpool, Arsenal and Tottenham Hotspur. The Basque side have raised his release clause to €50m (£38.1m, $54.1m) to ward off potential suitors and put an end to any speculation regarding a move away from San Mames before the end of the current transfer window.

The 21-year-old is considered one of the most promising prospects from Athletic Bilbao prolific academy, being the first person of colour to score in the club's 117-year history after netting against Torino last February. But with his previous release clause set at only €20m his future at the club has come due to the delays regarding the signing of a new deal.

The Guardian reported that Jurgen Klopp was closely monitoring the situation ahead of making a move for the player, with Spurs, Real Madrid and Atletico Madrid also having sent scouts to San Mames to keep a close eye to his development.

Daily Mail later claimed Klopp would face competition from Arsenal for the player, as Arsene Wenger was mulling over a January swoop for the youngster.

Manager Ernesto Valverde did not hide his concerns about the situation last weekend, while claiming the club was making every effort to tie him to a new deal.

"We're working hard [to extend Williams' contract]," Valverde said. "The club are trying to close the deal, but it's taking longer than it should. I hope it'll be resolved soon. The club are also working hard for him to stay. His talent and goals would be very difficult to replace."

But Athletic Bilbao have now made an official announcement to confirm the good news for Basque fans. It is understood they have rewarded Williams for his impressive performances of late with a pay rise, but in exchange the player has agreed to raise his clause to €50m to avoid a cut-price move in future.

"Athletic Club and Iñaki Williams have signed the renewal agreement, by which the player will remain in the club until 30 June 2021," the club confirmed. "The cancellation clause will be 50 million Euros."