Reports in Italy claim the 28-year-old is set to undergo a medical ahead of a summer move to AC Milan.
However, the Colombian's agent has rubbished the rumours, insisting he is yet to make his mind up on his next club.
The news will come as a boost to Arsenal boss Arsene Wenger, who is believed to have offered the Porto hitman a lucrative deal to lure him to the Emirates.
Martinez is currently with the Colombian national team in Chile for the Copa America.
GETTY
Arsenal receive boost in Jackson Martinez pursuit
Nothing has been decided yet
Luiz Henrique Pompeo
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“Jackson didn’t say anything about Milan because there was no need to. Nothing has been decided yet,” agent Luiz Henrique Pompeo said.
“I am the only person who will speak about this during the tournament.
"Jackson is not just sitting around on his couch at home. He is concentrated on his work with Colombia in the Copa America.
“This is his absolute priority right now and I can say he is absolutely relaxed.”