The Colombia international has been heavily linked with a move away from Porto, but it looks like he won't be heading to the Emirates.
The Italian publication state that Milan CEO Adriano Galliani has visited the striker in Portugal, coming to an agreement with Martinez on personal terms ahead of discussions with the player's club.
That promises to be a sticking point according to Sky Sports, with Porto eager to get as close to the Colombian's €35 million release clause as possible.
Martinez has had another phenomenal season in Portugal, scoring 32 goals in 42 matches, his highest ever total.
The Colombian's goals could only fire the Dragons to second spot in Primeira Liga though, with Benfica taking the title once more. Martinez impressed in European football too in 2014-15, scoring 8 times in his 10 games.
He has been linked to several Premier League clubs in recent months, but rumours of interest from Arsene Wenger have been particularly strong, with the Independent linking the Londoners to the 28-year-old in the last few days.
With top strikers so difficult to get hold of, have the Gunners missed a trick by not going for Martinez with more determination? Or do they yet have time to enter proceedings?