The Gunners re-opened talks with Real yesterday despite having their previous approaches for Morata rebuffed.
But if the club cannot strike a short-term deal, they are prepared to spend heavily to land a reliable striker.
Colombia striker Martinez, 27, is a leading candidate, and he is thought to have a £33.2million release clause.
Rubin Kazan forward Salomon Rondon — a target for Tottenham — has also impressed Gunners scouts; while Arsenal may revive interest in Lille’s Salomon Kalou.
Arsene Wenger would love to sign Atletico Madrid forward Diego Costa, who has a £32m buy-out clause. But with Atletico still involved in the Champions League and Costa aiming to win a place in Spain’s World Cup squad, it will be all but impossible to prise him from Madrid this month.
Wenger also planned a summer move for Barcelona winger Pedro, 26, although Theo Walcott’s cruciate ligament injury could see him accelerate his interest.
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