Arsenal are seriously exploring the possibility of signing the Argentine forward this summer as part of their squad overhaul ahead of the new season.
The interest has been there for a while but it has been claimed that the Gunners have made enquires with Inter for Martinez in the ongoing transfer window.
A move for the 23-year-old is dependent on Arsenal selling Lacazette and the Gunners did put his name forward to Inter during the initial talks.
But Inter only want cash if Martinez departs the club this summer and are not interested in signing the Frenchman as part of a potential deal.
Inter need to finish the transfer window with a net profit of €80m and have already sold Achraf Hakimi this summer.
The club are open to selling Martinez and the Argentine is believed to be keen on joining Arsenal as well if a deal can be agreed.
A move away from Inter would give Martinez the chance to earn more than €2.5m a year he has been earning at the San Siro.
He scored 17 goals in Serie A last season and play a key role in the club winning the league title.