A number of Europe’s leading clubs have been monitoring the 24-year-old, with Atletico Madrid, Bayern Munich and Paris Saint-Germain all credited with an interest in recent months.
Sources close to the situation indicate there is growing acceptance within Arsenal that Martinelli could depart should the right offer arrive.
The Gunners are expected to be active in the transfer market as Mikel Arteta seeks to strengthen a squad that is looking to build on winning the Premier League.
One area Arsenal are particularly keen to upgrade is the left side of their attack.
Flashscore reported on Thursday that Aston Villa star Morgan Rogers is a player admired by Arsenal, with the club seriously exploring the possibility of bringing the England international to north London.
Any move for a high-profile attacker of that calibre would inevitably place greater uncertainty over Martinelli’s role.
Should a new left-sided forward arrive, Arsenal would likely need to sanction at least one departure from their current attacking options.
While Leandro Trossard has also been linked with a move away, current indications suggest Martinelli is the more likely candidate to leave.
The biggest obstacle for any interested club, however, could be Arsenal’s valuation.
Bayern Munich are particularly keen on Martinelli, but it is believed that interested parties currently value him at around £35-40 million.
However, Martinelli remains under contract until 2027, while the club also hold an option to extend his deal by a further year. That position, combined with his pedigree, could give Arsenal some leverage in negotiations.
Despite a mixed campaign by his own high standards, Martinelli remains a proven performer at the highest level and is still regarded as one of the Premier League’s most dangerous wide forwards when in form.
As a result, Arsenal are understood to have little interest in entertaining any bargain price offers.
Martinelli’s situation will shape up to be one of the intriguing subplots of the summer transfer window.