West Ham United’s interest in Matheus Martinelli is no longer just one of many names on a shortlist.
The midfielder is now being mentioned as a priority target for the Premier League side, and there are clear signs the club are preparing to act again.
West Ham were among the clubs to submit offers of around €12m (£10.2m), all of which were rejected outright by Fluminense. At that stage, there was no real room for negotiation.
Since then, the situation has only moved in one direction. Martinelli signed a new contract until 2030, with a €30m (£25.6m) release clause.
At the same time, Fluminense internally set a baseline of around €20m (£17.1m) just to start talks. In other words, West Ham are still well short.
Even so, the interest has not cooled. If anything, it has become more focused.
Priority target and West Ham bid expected
According to RTI Esporte, West Ham are planning a new and more aggressive attempt in the next transfer window.
Crucially, Matheus Martinelli is now seen internally as a priority signing rather than just an opportunity.
There is also an expectation that the next offer will move beyond the €12m (£10.2m) previously rejected. Figures above €15m (£12.8m) are being considered, although that still sits below Fluminense’s €20m (£17.1m) threshold.
Still, West Ham’s thinking goes beyond just this transfer. Inside the club, Martinelli is viewed as a player who can grow in the Premier League and later attract interest from bigger English sides.
From Fluminense’s perspective, that could even open the door to negotiating a future sell-on clause.
Survival could define everything
There is, however, one major condition before anything moves forward.
West Ham’s next step depends on securing their place in the Premier League for the 2026/27 season. The club are currently sitting just above the relegation zone, which puts the entire plan on hold for now.
That uncertainty affects more than timing. It also impacts how attractive the project is for the player.
Matheus Martinelli wants to move to Europe, but not at any cost. The 24-year-old has made it clear he is looking for the right step in his career. Joining a team battling relegation is unlikely to be an ideal scenario.
Market context strengthens Fluminense position
There are also broader dynamics at play. Martinelli’s current market value is estimated at around €16m (£13.7m). That already places him above West Ham’s initial offer, and closer to Fluminense’s expectations.
More importantly, he remains one of the few players in the squad capable of generating a major transfer fee – and, as we recently covered, Fluminense have an internal income target to achieve.
Other assets simply do not reach the same level. Fluminense’s ther “valuable” players has been priced around €9m (£7.7m) at the most.
So, with limited high-value options available, Martinelli stands out as the one player who can realistically deliver a €20m+ (£17.1m+) deal. That reality could eventually push Fluminense towards a sale – but only on their terms.
What happens next
So the picture is now pretty clear.
West Ham want him and are preparing to try again. Fluminense are open to a future sale, but at a much higher level. The player is interested in Europe, but waiting for the right moment – and the right club.
Everything now hinges on two things. First, whether West Ham stay in the Premier League. Second, whether they are willing to close the financial gap.
If both conditions are met, this long-running story could finally move forward. If not, it may just keep circling for a while longer.
