According to a report from the Sun, Ajax are holding out for a fee of around £43m for the 24-year-old centre-back, and Arsenal have already had two bids rejected for the player.
The Gunners submitted an opening bid of around £26m, which was rejected, and they followed it up with an offer of around £34m.
However, the Dutch outfit are adamant that they will not sell the player for a knockdown price, especially since they sold key players like Ryan Gravenberch and Sebastien Haller earlier this summer.
Ajax are under no pressure to sell any of their players now, and it seems that the Gunners will have to pay a premium to sign Martinez.
The report from the Sun claims that the 24-year-old is happy to join Arsenal this summer, and it remains to be seen whether the Gunners are prepared to meet the asking price.
It’ll be interesting to see how Ajax now reacts to Arsenal’s undisclosed third offer for the player.
Mikel Arteta is desperate to improve his defensive options this summer, and Martinez appears to be his priority target.
The Gunners have already shelled out on Fabio Vieira, Matt Turner, Marquinhos and Gabriel Jesus.
Martinez would be their fifth summer signing if the Londoners can agree on a fee with Ajax in the coming weeks now.
The versatile Argentine defender can also operate as a left-back, and he could be an invaluable asset for Arteta during rotation and injuries.
There is no doubt that the 24-year-old has the potential to develop into a top-class Premier League centre-back with time, and he could end up justifying the reported £43m asking price as well.
The report from Sun further claims that Manchester United are keen on signing the Argentine defender, and it remains to be seen whether they can beat their Premier League rivals to his signature now.
The Red Devils certainly have more financial resources compared to the Gunners. They might be able to offer the defender a more lucrative salary. The player already has a good working relationship with the current Manchester United manager Erik Ten Hag, having worked with him at Ajax last season.