The Colombian international has been heavily linked with the Premier League giants in recent times, with a move away from the Estadio do Dragao having been on the cards for some time.
However, Martinez is now set to pen a new deal with the Portuguese giants according to his agent, who is set to finalise negotiations with the club soon:
“I will travel to Porto next week to discuss the renewal. There is already an agreement to renew,” he is quoted by the Daily Star.
The news will come as a blow to Arsenal and Chelsea – who are both said to be on the lookout for attacking reinforcements.
Martinez is widely regarded as one of European football’s top marksmen, having notched a staggering 49 goals in 64 outings for Porto since joining them from Mexican top tier side Chiapas.
A number of top clubs from across the continent have been linked with Martinez in recent times, with reports of potential release clause-triggering £34m bids having been widely reported.