Arsene Wenger had been preparing a bid for the French playmaker in the January transfer window, but now Valencia are looking at him as a potential replacement for Juan Mata. Mata left the club in the summer to join Chelsea.
Arsenal have long been known for signing some of the most promising young stars in French football and Martin fits the bill perfectly.
The 23 year old recently forced his way into the French national side and has been in good form so far this season.
According to Talksport, Martin would command a fee of around £10million and is under contract with Sochaux until 2015.