Arsenal's hopes of winning the Premier League title were dealt another blow when they squandered a two-goal lead to draw 2-2 with Aston Villa.
Arsenal dominated throughout the best hour thanks to goals from Gabriel Martinelli and Kai Havertz in both halves, but Villa scored twice in eight minutes to level the match.
Youri Tielemans headed home moments after Havertz's goal before Watkins scored his sixth career goal against Arsenal to put the visitors back in the game.
Mikel Merino thought he had scored the winning goal five minutes before the end of the match, but the goal was disallowed by the Video Assistant Referee after he hit Havertz's hand on his way to goal.
The draw leaves Arsenal six points behind Liverpool at the top of the Premier League after the Reds snatched a late 2-0 win over Brentford, with Villa climbing above Manchester City into seventh place.
Arsenal vs Aston Villa
Arsenal started on the attacking foot but it was Villa who proved the greater threat on the counter-attack as Watkins stretched the midfielders at every opportunity.
Hearts were in collective mouths when Thomas Partey lobbed the ball straight at the Villa striker, who was unable to find the back of the net as he attempted to fire the ball past David Raya.
But the Gunners celebrated moments later when Martinelli made the final touch to Leandro Trossard's cross, the ball crossing the goal line after Emiliano Martinez had done well to block the first shot.
Gabriel Martinelli finishes Leandro Trossard's cross to open the scoring in North London! π₯ pic.twitter.com/HOhHh9cxJK
β Sky Sports Premier League (@SkySportsPL) January 18, 2025
The hosts continued to control the proceedings after the break and confirmed their complete control in the 55th minute when Trossard once again presented the ball from the left side for Havertz to score the net despite Martinez's best efforts against Villa.
Leandro Trossard finds Kai Havertz in the penalty area to double Arsenal's lead π΄ pic.twitter.com/8Auy4yPEoH
β Sky Sports Premier League (@SkySportsPL) January 18, 2025
Villa's return stuns Arsenal
But Villa responded immediately when Youri Tielemans sent Lucas Digne's brilliant header into the net, but it brought the visitors back into the game.
Youri Tielemans heads into the net from Lucas Digne's cross to reduce the gap for Villa! π pic.twitter.com/OliwVuSSdZ
β Sky Sports Premier League (@SkySportsPL) January 18, 2025
The Belgian midfielder thought he had equalized moments later when he hit the post after another counter-attack involving Watkins and Jacob Ramsey.
But soon after, Villa equalized when a left-footed cross from Matty Cash reached Watkins, who fired a shot straight in to silence the Emirates.
What a finish from Ollie Watkins to equalize Aston Villa at the Emirates Stadium π« pic.twitter.com/Km1ai7Od9A
β Sky Sports Premier League (@SkySportsPL) January 18, 2025
Merino thought he had scored a big winning goal for the title chasers, but to the dismay of most people inside the Emirates, the goal was canceled after the ball hit Havertz's hand.
Shortly after, Emiliano Martinez made two superb saves to deny Trossard and Merino as the game went into extra time.