According to the Daily Mail, Bender, a £20m target for the Gunners, remains under consideration at the Emirates Stadium but the sudden availability of Martinez has led Wenger to pause his pursuit of the Germany international.
Reports have claimed Martinez is unsettled at the Allianz Arena after just a single season in the Bundesliga following his £32m move from Athletic Bilbao.
He was a target for Wenger before opting for Bayern Munich, and Wenger remains a big fan of the 25-year-old. The report claims he wants to wait to see if Martinez would be interested in a move to Arsenal before pressing ahead for Bender if Martinez snubs him.
Bender, also 25, is the more realistic target for Arsenal but Martinez would be the more high profile capture.
Bender, who currently plays his football for Bayer Leverkusen in Germany, featured against Manchester United in the Champions League this season and is one of a number of players linked with a midfield berth at the Emirates Stadium.
The Daily Mail also notes that Southampton's French midfielder Morgan Schneiderlin is also an option for the Gunners.