Martins insists he is ready to move to the Emirates if the two clubs can agree a deal.
Martins, 23, told The Sun: "Arsenal is a big club that everyone wants to play for. I am thrilled and it will be nice to play for such a team.
"But, now that I am a Newcastle player, there is nothing much to say. If it is true, both clubs would have to reach an agreement.
"Is Arsenal a good club? Yes. Would I love to play there? Probably, if Newcastle are ready to listen to them. But if Newcastle says no then it'll be no."
Martins has a £13m buy-out clause in his contract but insists he will not ask for a transfer as he is still happy at St James' Park.
Oba, on holiday in Nigeria, added: "Because I still have a contract, I expect the club to speak to me when I get back. I am not saying I want to go but, if anything happens, that's football."