Chelsea are keen to strengthen the strike force as Diego Costa is not as fearsome as he was last season and Loic Remy is struggling to gain a regular place in the team.
The 29 year-old Columbia international and Atletico Madrid striker has failed to make an impact at the club since his £29million move from Porto in the summer.
The striker has only scored 3 goals in 12 matches which now means that manager Diego Simeone is willing to let the striker to go out on loan for the remainder of the season.
Radamel Falcao saw interim manager Guus Hiddink last week to discuss his future at the club and it is likely that the striker will return to his parent club Monaco next month.
Martinez who has 39 caps for Colombia would welcome the chance to play regular football as he has struggled to establish himself at Atletico Madrid.
Tottenham could also be interested if Atletico Madrid decide to let the striker go. In the past they were linked with Alvaro Negredo, but new Valencia manager Gary Neville confirms that the striker is the key to his plans. Spurs manager Mauricio Pochettino may now turn to Martinez to allow Harry Kane to have occasional breaks.
