The Argentina international has scored 17 goals and provided six assists as Inter Milan won Serie A last season under Antonio Conte.
Martinez, 23, has been linked with Liverpool and Barcelona in the past but has now become a target for the Gunners.
Gossip: Spurs strike deal for defender; Arsenal prepare € 30m offer
Mikel Arteta is looking for a top class striker to complement his current squad and Martinez fits the bill, with Arsenal who reportedly proposed Hector Bellerin as part of a partial swap deal for the former Racing Club star.
The Italian club are looking to sign a right-back after selling Achraf Hakimi to Paris Saint-Germain for £ 54million this summer and they would like to sign Bellerin.
And now Athleticism back up reports that Arsenal are interested in a deal for Martinez this summer with the Gunners “exploring the opportunity to sign him”.
It is understood that Arsenal “held Lautaro in high esteem for a long time” and they have now “inquired” about his availability with the two clubs “in contact about a possible deal for” Bellerin.
“We think Lautaro would be interested in a move to Arsenal if Inter are to sell him. Sources claim Tottenham have also been mentioned in connection with Lautaro, but only as an emergency option if Harry Kane leaves.
“A transfer from Arsenal for Lautaro could depend on the departure of Alexandre Lacazette. His name is believed to have been mentioned at Inter, but it is believed that they only want the money.
“An exit from Inter would increase Lautaro’s salary. He is believed to make around € 2.5million per year net of pay while Romelu Lukaku, Christian Eriksen and Alexis Sanchez all earn more than double. As a Scudetto and Copa America winner his salary had to be reviewed, especially since Barcelona expressed firm interest 18 months ago.
Lacazette is on the end of his contract at the end of next season, his contract at Emirates Stadium expiring in June 2022 and according to reports Arsenal are accepting offers of around £ 15million for him.