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.
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