It was noted that the Brazilian star has been in splendid form for the Gunners this term and he is set to be rewarded for his efforts.
His current deal is due to expire in June 2024 with an option for two years, but the club have now agreed fresh terms.
Although the Gunners are likely to wait until the end of the January transfer window before confirming the fresh extension.
Onething is sure which is Martinelli is set to extend his stay until June 2027. He could receive a salary in the region of £140,000-per-week.
Aside from the Brazilian, talks are also ongoing with William Saliba and Bukayo Saka over improved deals.
The duo have their contracts expiring in June 2024 but the Gunners are confident of sorting out their futures.
Arsenal are currently top of the Premier League standings with 50 points.
The north London giants have a five-point cushion over second-placed Manchester City with a game in hand.
