The Gunners are looking at an emergency move for former keeper Martinez, who was with them for eight years before switching to Aston Villa.
Arsenal want to re-sign Emi Martinez is they lose David Raya
David Raya could be on his way out of Arsenal with Real Madrid and Atletico interested
And Argentina World Cup winner Martinez, 32, would jump at a second chance to man the sticks at the Emirates should the deal come round.
Spaniard Raya, 29, is being linked with moves to La Liga after establishing himself as the Gunners No .1.
The former Blackburn prospect is short-listed at Real Madrid as a long-term replacement for Thibaut Courtois.
While he is also on the radar at neighbours Atletico — who fear Jan Oblak could be tempted by Saudi Arabian cash.
Raya has been one of the Premier League's standout goalkeepers in recent seasons and, should he keep a clean sheet against Southampton on Sunday, will win consecutive Golden Glove awards.
Despite his impressive form, Arsenal would be open to selling him if the price was right.
The Gunners know that Martinez could be bought, but they will have to be quick with Middle East clubs keen too.
Martinez looked as though he waved goodbye to the Villa Park faithful when the Villans played their final home game of the season last weekend.
The shot-stopper was in tears as he walked off the pitch following Villa's 2-0 victory over Tottenham Hotspur.
A move for Martinez would be easier if Villa miss out on the Champions League on Sunday against Manchester United.
Martinez joined Villa in 2020 following a breakout period of success at Arsenal under Mikel Arteta, coming in for the injured Bernd Leno and helping the Gunners win the FA Cup.
Since his switch to the Midlands, the former Reading and Rotherham loanee has won the Copa America twice, the World Cup and been named Fifa's Best Keeper in the World two times.
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