It is understood both Premier League sides are interested in the winger, 23, who has struggled since moving to Spain at the beginning of the season on a five-year deal.
Despite Mike Ashley's refusal to splash the cash, it is understood the Toon are prepared to pay between £3.5million and £4.5m as a loan fee, something that could tilt the deal in their favour.
Atletico may well use the money to help fund Alvaro Morata's move to the Wanda Metropolitano.
After leaving Sporting following a row with the club's board last June, he has started just four matches in all competitions for his new club, including once in La Liga, with his only goal coming against fourth-division side Sant Andreu.
And according to AS, Atletico are prepared to let him leave on loan and a deal could be done before the
Martins is certainly a real prospect — as demonstrated by the fact he has 21 caps for Portugal — but needs consistent game time to fulfil his potential.
Arsenal are understood to be interested in bringing in some attacking creativity this month and are restricted to loan deals.
Their former star Thierry Henry has also expressed an interest in taking the winger to Monaco as their struggles continue.
Monaco are currently 19th in Ligue 1 with 12 defeats from 21 matches this season.
Martins, though, would prefer a move to England.
Arguably it is Newcastle that need Martins most and that is why Rafael Benitez has made a late surge to sign him on loan.
The Magpies sit just two points outside the bottom three of the Premier League, scoring 19 goals in 23 games.
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