Martins joined Monaco instead and has impressed in Ligue 1 with three goals and three assists
Arsenal are reportedly targeting a summer bid for Gelson Martins.
The 23-year-old forward is currently on loan at Ligue 1 strugglers Monaco from Atletico Madrid.
Martins has three goals and three assists in his first eight appearances for the club and his performances have caught the eye.
Portuguese news outlet A Bola claim Arsenal are still interested in signing him after failing in a loan bid in January.
They instead signed Denis Suarez from Barcelona on loan but he is yet to start a match for Unai Emery’s side.
Martins only joined Atletico last summer but failed to make an impact at the Spanish club.
He was one of a number of players who requested his contract at Sporting Lisbon be terminated after a group of supporters invaded the club’s training centre and assaulted several players and staff.
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Sporting are still seeking compensation from Atletico over his summer move.
A Bola also report that the Gunners are willing to make an offer to both clubs in order to sign the Portugal international and end the dispute.
Atletico offered Sporting £13million in compensation but the Portuguese club claim he had a release clause of £86million in his contract.