The Argentina outfit have revealed that they have made a formal offer for the Valencia midfielder and would like to bring him back to his homeland in January
The defensive midfielder moved to Valencia in July 2012, having become surplus to requirements at Real Madrid.
But the Boca chief confirmed to Radio 9 that the Argentinian club are set to test the resolve of the Liga outfit having made a formal offer early in the January transfer window.
"We made a proposal to Fernando that we have not had answered yet," Martucci said.
"Gago expressed his willingness to return and now we must pass this [to the] leaders of Valencia."
The Argentina international made 69 appearances for Boca from 2004-07 before he moved to Santiago Bernabeu for an estimated €20 million fee.
The Blancos eventually sold Gago to the Mestalla last summer for €3.5m, five years after his arrival and having seen Roma - where he spent the 2011-12 campaign on loan - pass up on the option to buy him.