The Colombia international has caught the eye of the Premier League's leading lights despite having a release clause of £29million.
The Daily Star reported a couple of months ago that Liverpool and Manchester United were for his services.
But now, according to Spanish paper Sport, Porto are lining up a replacement for Martinez.
They suggest that the Portuguese outfit have set their sights on a move for Celta Vigo forward Nolito.
Arsenal are set to spend big in the summer, although they have earmarked Southampton star Morgan Schneiderlin and Chelsea shot-stopper Petr Cech as their prime targets.
However, Martinez, who hit seven goals in Porto's run to the Champions League quarter-final, would give the Gunners the firepower they crave.