The Gunners are prepared to sell Martinez in the summer transfer window, and several clubs are vying for his signature.
The 27-year-old has been with Arsenal for a decade now, but he is likely to leave in the coming weeks.
Martinez excelled in the absence of Bernd Leno during Project Restart and he is now looking to play regularly.
The Gunners consider Leno as their first choice and as a result, it 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. The Athletic claimed yesterday that the Gunners could sell him for less than £10m.
Marcelo Bielsa is a ‘confirmed admirer’ of the Argentine goalkeeper.
The Argentine boss is in the market to sign a new goalkeeper with Leeds willing to offload Kiko Casilla.
Leeds have already signed Ilian Meslier on a permanent deal, and adding Martinez could give their defence extra security.
Meanwhile, Leeds have confirmed the signing of Rodrigo from Valencia and are closing on the £13m addition of German international centre-back Robin Koch from Freiburg.