The Colombian World Cup striker – who netted an impressive double against Japan to help seal his nation’s spot in the last 16 – is understood to be one of Arsene Wenger’s top summer targets after a potential move for Mario Balotelli was shelved.
It’s understood that Martinez has been tracked by the London club for around 18 months following his emergence as one of European football’s top forwards since his 2012 move to Portugal from Chiapas in Mexico.
Reports have suggested that Porto are demanding around £35m for their man, but Wenger is keen to push them down to a fee closer to £20m.
Although the Estadio do Dragao outfit are unlikely to be open to lowering their demands, Martinez’s desire to join Arsenal may force their hand – especially with the hit-man stalling on signing a new contract.
The 27-year-old has netted 60 goals in 89 starts for Porto and has also been linked with Chelsea.