The 27-year-old has been with Arsenal for a decade now, but he is likely to leave in the coming weeks.
He shone in the absence of Bernd Leno during Project Restart and has expressed his desire to continue to start regularly, be it at Arsenal or elsewhere.
However, the Gunners consider Leno as their first choice. The German is fit again to resume his duties which leaves Arsenal with little choice but to allow Martinez to leave.
Martinez has two years remaining on his current deal worth £20,000 per week. His agents have been looking to renegotiate his terms for some time, but talks have been delayed due to a number of factors.
Should he leave the club, Arsenal would be expected to pay him a bonus.
Initially, Arsenal valued him at around £20 million. However, in the current economic climate, they are expected to consider lower offers.
The report claims that Arsenal could sell him for a transfer fee below £10 million if necessary.
Arsenal will look for a new goalkeeper if Martinez leaves the club.