According to Marca, Campos has already made the interest official in internal discussions and is familiar with the details of Martínez's contractual situation at Real Madrid.
The 18-year-old defender signed an extension until 2029 last September that included a €150 million release clause — a figure Real Madrid inserted precisely to deter interest from abroad.
Martínez joined La Fábrica from Levante in 2023 and has spent this season as a regular for Real Madrid Castilla in the Primera Federación, making 22 league appearances and scoring one goal.
He was also part of the Real Madrid side that won the UEFA Youth League earlier in the season, representing the club in a competition that gave him significant exposure to European audiences.
He is considered internally as one of the most likely academy players to make the step to the first team in the near future, with his ability to read the game and his composure in possession viewed as characteristics that fit Álvaro Arbeloa's defensive structure.
The PSG pursuit differs fundamentally from the deals Real Madrid have become accustomed to when allowing academy talent to leave. In previous departures — Víctor Muñoz, Jacobo Ramón, Chema Andrés and Nico Paz among the most recent — Real Madrid sold only a percentage of the player's rights and inserted buyback clauses to retain future control. PSG, given their financial standing, would be expected to demand a full and unconditional transfer. If Real Madrid sell, they lose him entirely.
That condition is the central sticking point. With their defensive department under strain — Éder Militão returning from a second ACL surgery, Dani Carvajal departing in the summer and David Alaba also in his final months at the club — the prospect of selling a young centre-back of Martínez's profile without any mechanism for return is one the club must weigh carefully.
For PSG, signing a player of Martínez's age, profile and potential for a fraction of his eventual market value fits the post-Mbappé model they are building under coach Luis Enrique.