I'd like him, but in general can't see it happening. Firstly as with a couple other Bayern players I think we'll see the higher ups get rid of Guardiola rather than continue alienating their best players and playing dodgy football.
It really shouldn't be ignored that after a HUGE amount of criticism, much of which started long before they got thrashed in the CL but has been amplified since, Guardiola's last game of the season(league) went back to starting Muller, starting Martinez as a DM, Swineface as a CM/ACM, Lahm at full back and Gotze(also complained of not starting, then scored a hattrick

). It was basically a team Guardiola has been unwilling to play all year yet after the criticism either was asked to play it or felt he should go back to when the team was better.
If the get rid of Guardiola then none of these guys will leave, if they back Guardiola but he promises to play more direct and play Martinez/Gotze/Muller more then who knows.
If Martinez was available I can see Real instantly jumping all over that with big money and huge wages as a Alonso replacement. They got mendi for $30 or $40mil, forget which, good player but hasn't set the world alight.
Khedira could become available if they went out and bought someone like Martinez though.
There is also Barca, who desperately need a CB, and lately their choice of getting in CB's been to buy DM's and play them at CB
Then again CHelsea could replace Ramires/Mikel and get Martinez, or be in for Khedira if he became available in the merry go round of players. Liverpool could absolutely do with him though Arsenal should be able to financially out muscle them. City, sell Garcia get Martinez and have another back of CB which they need, could work. Garcia isn't remotely good enough.
Utd.... needed a DM since Keane....... looking to spend big. With effectively every big money team in Spain/England being easily improved with a better DM then I think Arsenal rate very very far down the list for Martinez so effectively no chance of getting him.