While the Serie A champions are known to be interested in the right-back, they have failed to agree terms with the Gunners.
Inter have allegedly shown an interest in a loan deal with the option to buy, with Arsenal preferring to part ways with the Spaniard on a permanent basis.
According to Football Insider, Arsenal will use Bellerin as a way of reducing any financial outlay for Martinez.
The Argentine is said to be valued at £77m, a figure currently out of Arsenal's price range unless they sell fringe members of their squad.
Inter are in the market for a new right wing-back after selling Achraf Hakimi to Paris Saint-Germain earlier in the summer. body check tags ::