The striker, omitted from the Ivory Coast squad for the World Cup, joined Everton on loan in January and netted on his debut before a hamstring injury saw him sidelined until the final day of last season.
|9/2||Everton are 9/2 with Paddy Power to finish in the top four|
"At the moment we are still talking with Monaco," Martinez told the club's official website.
"With Lacina, it is a three-way conversation and it will [go] a bit further down the line before we take a final decision.
"But we always wanted Lacina to be with us and to play his football with us, and that hasn't changed at all."
In addition to signing Traore for a second time, Everton continue to be linked with Chelsea striker Romelu Lukaku, who scored 15 times in 31 Premier League appearances during his loan stint in 2013-14.
Martinez, though, was coy on a possible return and the progress of any negotiations but is happy with the relationship he enjoys with the player.
Martinez added: "We know the potential of Rom and Chelsea have been very good with the player and we have been really close with our relationship.
"We need to find out where we are and there is nothing more to comment."