Martinelli fits the profile of a winger clubs in the Saudi Pro League have increasingly targeted: high-level experience, elite athleticism and room to produce immediately.
For Al Hilal, that is the attraction. This is not a developmental gamble. It would be a move for a player who appears ready to contribute straight away.
For Arsenal, the calculation is more complicated. Martinelli has been one of the faces of the club’s rise under Mikel Arteta, even if his output has ebbed and flowed at times. Selling a wide forward of his profile would create a clear hole in the squad unless a replacement was already lined up.
The figure being discussed, up to €65 million, is sizeable. That kind of fee can reshape a transfer window. But cash alone does not solve the tactical issue. Arsenal need pace, one-v-one threat and depth across the front line if they are to compete deep into multiple competitions.
If the move advances, it would underline a familiar trend: Saudi clubs are not only shopping for marquee names at the end of their peak, they are also looking at players still central to major European squads.
The next step is simple: watch for an official club statement, or for signs that Arsenal accelerate their search for another attacker. Until then, this remains a significant rumour - and one that could shape the final stretch of the window.