Arteta has already confirmed his expectation of more squad departures before the transfer window closes with Martinelli tipped to be among those leaving north London.
The Brazilian was omitted from the matchday panel for Arsenal's FA Community Shield win over Manchester City last week, and Arteta repeated that stance against Coventry City, as the Gunners opened their Premier League title defence with a 3-0 win.
Club legend Ian Wright has criticised the club's handling of the situation with Martinelli reportedly unaware of Arteta's plans for him beyond this month.
Several Serie A sides have been linked with offers, but that has not materialised into formal bids, and the Saudi Pro League could end up as his destination.
Martinelli has already turned down a €45m move to Galatasaray, and reports from The Athletic claim Arsenal are keen to sell, with his contract up in 2027.
Al Hilal have spent big already this summer - landing Crysencio Summerville from West Ham United - and they are ready to match the above figure with talks scheduled at the Emirates Stadium next week.