The Colombian frontman appears set to agree to begin his first experience of football in Europe and bolster the depth in the Portuguese champions' forward line
The Europa League holders are understood to be keen to add to their attacking options as Kleber and Walter are the only strikers available to coach Vitor Pereira.
Racing Club's Teofilo Gutierrez had been suggested as Porto's main target to bolster the attack, but the Argentine club's financial demands have reportedly cooled the Portuguese side's interest.
The Estadio do Dragao outfit are confident of thrashing out a deal for Martinez, a Colombia international forward, on Tuesday.
The transfer of Martinez, who joined Jaguares in 2010 after plying his trade at Colombia's Independiente Medellin, is being negotiated with the help of Marcelo Simonian, the same agent who played an important part in Radamel Falcao's transfer to Porto in 2009.
How do you stay up to date with football when on the move? With http://m.goal.com – your best source for mobile coverage of the beautiful game.