Reds signing Napoli ace will see Gunners fail to sign Martinez.
Liverpool are closing in on the £30m transfer of Napoli striker Gonzalo Higuain which would then see Arsenal miss out on FC Porto ace Jackson Martinez, reports CaughtOffside.
Higuain is said to be unsettled in Italy just a little over 12 months after making the £34.5m switch to the Stadio Olimpico from Real Madrid and the Reds are hoping to capitalise.
Rafael Benitez has realised that losing the Argentina international is becoming a very realistic prospect and has therefore already lined up alternatives to the forward.
That has drawn Benitez to Porto star Martinez, who has been impressing at the Estadio do Dragao ever since his arrival there in 2012.
In fact the 27-year-old has also caught the eye of Gunners manager Arsene Wenger, who was considering a move for the Colombia international himself to help bolster the attack at the Emirates Stadium.
However, with the funds Napoli would receive from selling Higuain to Anfield the Serie A club would be able to financially out-muscle the North Londoners in the Martinez deal.
Wenger wants the South American with Olivier Giroud currently out injured and youngster Yaya Sanogo looking a long way short of the form required from him.
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