The Sun newspaper claims the Gunners are ready to make a move for the Nigerian international should they lose Emmanuel Adebayor.

The Togo international is a target of both AC Milan and Barcelona.

Arsenal manager Arsene Wegner has been repeatedly reported to be an admirer of Martins, who moved to United from Inter Milan in a £10m deal back in 2006.

However, the North London club will not meet the Magpies' reported £15m price tag on Martins.

While putting a £30 vaule on Adebayor, Arsenal are not prepared to go above £11 should they make a move for Martins.

The Sun reports Newcastle have told Martins' advisors he can go for the right price and Arsenal have let it be known they are interested.

Martins was reported to have agreed a new £80,000-a-week contract on Tyneside, but it is claimed the club did not complete the paperwork and the offer was withdrawn.

A Martins source told The Sun: "It is a shock Newcastle cannot find the money any more for his new deal but he is a player a lot of clubs want."

Adebayor's future is still in doubt.

He said he was staying at Arsenal then insisted the club should accept a good offer for him.

Then he said he wanted the £120,000-a-week Thierry Henry was paid.