Mikel Arteta's side are yet to sign a marquee forward this summer as they chase down Atletico Madrid’s Julian Alvarez, who is restless in the Spanish capital.
Despite Arsenal’s interest, the club are seeking to sell to buy this summer as reports claim that both Miles Lewis-Skelly and Martinelli are on the transfer list in an attempt to gather funds for the North London side.
Arsenal have already spent nearly £200 million this summer on the likes of Bruno Guimaraes, Ezri Konsa, Piero Hincapie and Christos Tzolis and must now balance the books with a number of unwanted stars.
Arteta has already suggested that Lewis-Skelly will stay with Arsenal past the summer but has refused to rule out a departure for Martinelli, who has been the subject of interest for Al Hilal this month.
Transfer expert Ben Jacobs revealed on Monday that a fresh bid had been made for the Brazilian international, who will be pondering his future as the two clubs come to an agreement.
“Al Hilal's latest bid for Gabriel Martinelli is €55m+€4m. Arsenal seeking closer to €60m+. Talks ongoing," Jacobs posted on social media.
Paris Saint-Germain's Bradley Barcola has been suggested as a replacement for Martinelli, but the winger is also a Liverpool target. A huge race could be on between the two clubs heading into the final week of the transfer window.
As the summer transfer window ramps up, Flashscore has everything you need to keep up with breaking news, rumours and analysis. Follow our live transfer blog to follow the biggest moves, whilst expert Dean Jones will be on hand to provide the inside stories from around the world.