Brazil international Martinelli is subject of a verbal offer worth €45m (£38.5m) from the Turkish side, despite Arsenal’s valuation coming in at around £45M-£50M with just weeks remaining of the summer transfer window.
The BBC reported that Martinelli had tentative interest from Paris St-Germain in recent weeks but the European champions looked elsewhere as they are set to lose both Bradley Barcola and Ibrahim Mbaye to Liverpool.
Now, as reported by Standard Sport, Galatasaray have rejected a €130m (£111m) offer from Saudi Pro League side Al Hilal for Osimhen and have made it very clear that the Nigerian forward is not for sale.
Selling Osimhem would more than fuel the Martinelli deal and would leave the side with over £60M to invest in the side who are aiming to build up the squad who lifted the Super Lig last season.
However, reports state that Martinelli has no interest in joining Galatasaray and would prefer to stay in North London where a new contract offer is unlikely to come anytime soon.
Leandro Trossard was sold to Istanbul-based Besiktas for £17m earlier this summer as he joined Jakub Kiwior, Christian Norgaard and Karl Hein in players to have left the side.
Arsenal are said to be open to offloading Miles Lewis-Skelly, Ethan Nwaneri, Reiss Nelson, Gabriel Jesus and Portugal midfielder Fabio Vieira.