Mikel Arteta’s side are looking to shift some deadwood before the end of the summer transfer window, with Martinelli, 25, and Nwaneri, 19, on the chopping block.
Galatasaray have reportedly made a £38.5 million bid for Martinelli and hold an interest in Nwaneri, who spent the second half of last season on loan at Marseille.
According to The Telegraph, Osimhen’s name has come up in discussion between the two clubs, although it remains to be seen which of them brought him up.
Arsenal have a long-standing interest in the 27-year-old but remains below Atletico Madrid ace Julian Alvarez on their short list.
Atletico’s £100m-plus valuation of Alvarez has so far proved to be prohibitive for the Premier League champions.
Osimhen has been a sensation since joining Galatasaray from Napoli on an initial loan in 2024, scoring 59 goals in 74 games for the club.