The retired striking legend admitted that his rift with the No.10 would make it impossible for them to work together as trainer and player
The striker retired at the end of the 2011 Clausura after a record-breaking spell with the Xeneixe, where he became the club's all-time record goalscorer and secured no less than 13 major national and international titles.
Rumours that the 'Titan' would return to the Bombonera as a trainer began even before the 37-year-old hung up his boots, and Palermo himself admitted that it would be a dream to direct the team.
Speaking to Ole on Thursday, however, Martin stated that it would be impossible for him to return until long-time nemesis Riquelme left the club.
"It would be difficult and it would be very hard on me. I would not direct him, nor any of my ex-team-mates because it would be uncomfortable," he told the newspaper when asked if he could coach the mercurial No. 10.
Once close friends on and off the pitch, the two have not been on speaking terms since 2008, and team-mates have testified that they were virtual strangers when not playing. Neither has ever spoken publicly about the rift, although Palermo admitted in one interview that the pair had differences.