Gunners boss Mikel Arteta is a huge admirer of Martinez's versatility, with the defender also able to operate as a left-back and defensive midfielder.
And transfer guru Fabrizio Romano has delivered an update on the Spaniard's pursuit of the ex-Newell's Old Boys ace.
"They had new contacts with his agent and after an opening bid was turned down by Ajax.
"But at the moment, still no fresh bid. Arsenal are on it.
"Lisandro is one to watch for the coming weeks. Ajax want around €45m-€50m [£38m-£43m]."