The Catalan giants are in need of a new forward after allowing Luis Suarez to join La Liga rivals Atletico Madrid.
23-year-old Martinez was said to be the club’s top target earlier this summer but Marca have reported any kind of deal is now ‘dead.’
It has also been revealed that Barca’s initial offer for the Argentine, who scored 14 goals in Serie A last season, was £15 million with add-ons.
Martinez had already agreed personal terms with the club and was ‘shocked’ by their incredibly low offer.
A move to Spain is now off the table and he may sign a new deal with Antonio Conte’s side to bring a definitive end to the saga.
Barcelona have been linked with Lyon forward Memphis Depay, who Ronald Koeman managed at international level, as an alternative.
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“When the club says it doesn’t need you anymore, you have to accept it,” the 33-year-old begun per SI.
“But it takes a while, it’s difficult. Your family is involved, you’ve gone through a lot with the club. So it’s difficult to accept that you are leaving, but you have to. It’s the reality, it’s how things are in football.
“This is very hard for me. It wasn’t expected, I didn’t have anything prepared,” he continued. “It’s been many years, I’ve made many friends, that makes me happy.
“When Barcelona told me that I wasn’t needed anymore, I received several calls from other clubs.
“I felt that I was still able to play in a club that could compete against Madrid and Barcelona. I’m going to a very competitive team that can achieve a lot.”
The six-time Ballon d’Or winner’s post opened the proverbial floodgates for ex-Barcelona players to pile on the club.