Jackson Martinez
Jackson Martinez celebrates after scoring for Porto.Reuters

Arsenal and Chelsea have suffered a huge setback with Porto star Jackson Martinez set to sign a new contract, according to the striker's agent.

The 27-year-old moved to Porto in July 2012 and has since excelled in Portugal, scoring 49 goals in 66 games in all competitions and catching the eyes of a number of big European clubs, including Arsenal and Chelsea.

Recent reports claimed that the Colombian striker was Arsene Wenger's preferred choice to strengthen his attack next summer while Jose Mourinho is also monitoring him having been spotted watching him in action during Colombia's 2-0 victory over Belgium.

However, according to Martinez's agent, Luis Manuel Manso, the striker is set to commit his future to Porto by putting pen to paper to sign a new deal.

"It is okay, I will travel to Porto next week to discuss the renewal. There is already an agreement to renew." Manso said in Radio Station Renaissance.

The Colombian international's current contract runs out in 2016 but reports claimed that Arsenal and Chelsea were both considering paying his £34m release clause, convinced his efforts in front of goal are worth the fee. This season he has scored 12 goals in just 15 domestic league games and has even beaten the records of former Porto star Radamel Falcao.

Arsenal are desperately looking to add a striker to the squad but after Martinez agent's comments it looks likely that Wenger will have to investigate other options to back up Olivier Giroud with Atletico Madrid's Diego Costa reportedly the other main target.

Jose Mourinho is also keen on strengthening his attacking options with Samuel Eto'o's and Demba Ba's long term futures up in the air while Fernando Torres has struggled to score the goals expected by the Portuguese during the first part of the season.