Defender Alcaraz has not featured for the Merseyside outfit since his summer switch from Wigan after undergoing groin surgery.
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"Stevie has reacted really well to treatment and he is progressing extremely well," Martinez told the club's official website.
"Antolin Alcaraz has had a very good period as well, so, all in all, those two have benefited enormously from this international break.
"We don't want to put a date on it. We are very much seeing their reaction and seeing how quickly they can take the workload on.
"In medical terms, they shouldn't be fit for Hull, but I would not say they cannot make it.
"There's still a question mark over them but Steven is a litle bit ahead. It's been really positive to see them with big smiles and enjoying their work."