But with issues on and off the pitch, as well as Barca’s conduct towards Martinelli in the past, Real are hoping to make the most of the current situation.
Los Blancos are believed to be in the market for another striker after a disappointing debut season from striker Luka Jovic.
The Serbia international left Eintracht Frankfurt for the Bernabeu last summer, in a deal worth an initial £55m (€65m), but he has struggled to reproduce his form that helped him secure his big money move.
This season the 22-year-old has only managed to score two goals and provide two assists in 23 appearances for Real.
Arsenal will not want to let Martinelli go and one positive for the club is that the youngster is under contract until 2024.