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Gunners boss Arsene Wenger is a long-time admirer of Martins and has been linked consistently with a move for the Nigerian international over the past two seasons.
The time could not be riper for the Frenchman to seal a deal, as his squad would be alarmingly bereft of firepower should Emmanuel Adebayor succumb to the advances of AC Milan.
But The Sun reports Magpies are demanding ₤15million for the 23-year-old – a price Wenger is not prepared to match.Meanwhile, the former Internazionale hitman has grown weary of the constant speculation surrounding his future, having also been linked with Chelsea, Liverpool, Manchester City and Barcelona.
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Arsenal have long been linked with Martins, but manager Arsene Wenger has so far refused to budge from his ₤11million evaluation of the former Internazionale star.
However, the Frenchman may well give up an extra ₤2million as his squad will look desperately low on firepower if he does not make some key purchases this summer.
The Gunners will be without Eduardo da Silva for at least the first few months of next season, while Robin van Persie is yet to prove he can string more than two games together and Emmanuel Adebayor appears increasingly certain to leave the Emirates.
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Martins tempted by Gunners
Obafemi Martins claims it would be 'nice' to play for Arsenal, but will not push for a move away from Newcastle United.
Arsenal have been linked with a swoop for the Nigerian striker, who joined Newcastle in a £10million deal from Internazionale two years ago.
At the end of last season, Magpies boss Kevin Keegan warned clubs off making bids for his star players and said he had not received an approach from Arsenal.
Reports continue to claim the Gunners will bid for Martins and the 23-year-old would be tempted by the chance to head to Emirates Stadium.
Thrilled
"Arsenal is a big club that everyone wants to play for. I am thrilled and it will be nice to play for such a team," Martins told The Sun.
"But, now that I am a Newcastle player, there is nothing much to say. If it is true, both clubs would have to reach an agreement.
"Is Arsenal a good club? Yes. Would I love to play there? Probably, if Newcastle are ready to listen to them. But if Newcastle says no then it'll be no.
"Because I still have a contract, I expect the club to speak to me when I get back. I am not saying I want to go but, if anything happens, that's football."
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