The Italian left Inter a few months ago and the Gunners are thought to be keeping tabs on this situation.
Current Arsenal manager Mikel Arteta is thought to be under immense pressure after his side’s poor start to the season.
The Gunners were beaten by Brentford on the opening day of the Premier League and the Spaniard could be shown the door by the London club unless there is a significant improvement in the coming weeks.
Conte is currently a free agent and he could prove to be a sensational appointment for the Gunners.
He has won the league title with Juventus, Inter Milan and Chelsea in the past and he is undoubtedly a much better manager than Arteta.
Martinez has been linked with a move to Tottenham as well but the Italian champions are reluctant to let him leave after losing Romelu Lukaku to Chelsea.
The likes of Alexandre Lacazette and Pierre-Emerick Aubameyang have not been at their best for quite some time and arsenal could definitely use a top-class striker.
Lautaro Martinez managed to score 19 goals and pick up 11 assists for Inter Milan last season and he could prove to be a quality long term investment for the Gunners.