The 21-year-old has entered the final two years of his current deal - Arsenal have an option to extend by a further year - and manager Mikel Arteta is keen to hand him a lucrative extension to reward his emergence as a regular starter.
Asked whether he wants to stay at the Emirates, Martinelli told The Athletic: “Of course, I want to stay. We are talking. Let’s see what is going to happen.
“But I want to stay, of course.”
Martinelli has started all nine of Arsenal's Premier League games so far, chipping in with four goals and two assists for good measure.
He played a starring role in Sunday's 3-2 victory over Liverpool, opening the scoring inside the first minute before setting up Bukayo Saka for the second goal shorting before the interval.
Saka is another whose contract is up for a renewal in the coming months, with Arteta keen to hand new deals to the key members of his young core, including both Martinelli and centre-back William Saliba.
Talks with Saka have been stepped up amid concerns over Manchester City's interest in signing the England international.
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