At a time when the Gunners are attempting to make a number of high-profile additions and sales, Inter are under pressure to further boost their financial position.
While it has been well documented that Romelu Lukaku will not be sold by the Serie A champions, it remains to be seen how they would react to a bid for Martinez.
According to The Telegraph, Arsenal have made enquiries regarding the availability of the Argentina international.
Inter would reportedly demand a fee of £77m for a player who has netted 37 goals from 100 appearances in Italy's top flight.
However, Martinez is yet to extend his contract past the end of the 2022-23 campaign, putting the Gunners in a position where they could negotiate a lower price.