The Everton manager is sympathetic to the Croatia international's desire to regular action ahead of the World Cup but is unwilling to let the forward leave on loan
The forgotten man put himself in the shop window with a double as the Toffees sailed into the fourth round of the FA Cup with a 4-0 victory at Goodison Park, though he missed his chance to score a hat-trick when he struck the bar with a late penalty.
Martinez was impressed with the striker's performance and says that he would rather keep hold of Jelavic but understands his situation heading into a World Cup year.
"His performance was very good," the Toffees boss told the press. "He looked very sharp and his movement was terrific. He's been working really well in training and has been frustrated with the lack of minutes due to the form of Romelu Lukaku.
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"We've been very open and honest with Niki's situation. He's been a great servant to the club. We are six months away from a World Cup and that is a key moment for anyone's career. We will listen to offers. It has to be right for everyone; we can't weaken the side."
"It wouldn't be a loan situation," he added. "That wouldn't allow us to replace Jela, that wouldn't be right. The only possibility would be a permanent move that would allow another striker in.
"I don't want to lose Jela but I understand that this is a key moment. If the World Cup wasn't this summer, this wouldn't be discussed."
Meanwhile, QPR assistant manager Kevin Bond did not reject the idea, as has been reported, that the Championship outfit are interested in Jelavic.
He said: "If you read the papers, it would appear to be a player on our radar. He's done very well with limited opportunities this season and bagged a couple for himself.
"I think it would be fair to say that the manager is looking for some striking options but I couldn't say whether it is Jelavic or whether it isn't."