Spanish media outlet Marca, as quoted by the Daily Mirror, is reporting that Arsenal are eager to sign Martinez after Petr Cech’s retirement and David Ospina’s exit earlier this summer.
The same article states that Arsenal are looking to add another goalkeeper to their ranks given that Emiliano Martinez could leave the Gunners to seek regular first-team football next term.
According to the same story, the Gunners are facing competition from La Liga duo Real Madrid and Real Betis for the 21-year-old shot-stopper.
The report adds that Las Palmas would like to keep Martinez at the club but the shot-stopper has a £9m contract release clause.
The story goes on to add that Martinez could be tempted to leave Las Palmas after the club failed to secure promotion to La Liga.
Arsenal have only signed Brazilian teenager Gabrielle Martinelli in a £1.6m deal from South American outfit Ituano so far this summer.
The Gunners finished in fifth spot in the Premier League table last term to miss out on a place in the Champions League for the third successive season.
Arsenal lost 4-1 to Chelsea in the Europa League final last term.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news