The talented defender would be used as bait in order to entice the Portuguese outfit into releasing 'La Pulguita', who is currently not part of the club's first-team plans
According to a source consulted by Ole, the side coached by Alfio Basile would include the central defender and team vice-captain into negotiations to bring the Argentina Under-20 star to Avellaneda. Martinez is highly regarded in his home country and is also admired by Brazilian giants Internacional.
Iturbe moved to Portugal in June 2011 on the eve of his 18th birthday, but has struggled to impose himself in the first team and is currently not in Porto's plans for 2011-12.
He is reportedly keen to make a short-term switch back to his adopted homeland, but Porto are reluctant to let the young forward leave and rejected the first enquiries made from Argentina.
Meanwhile, Racing would look to cover the gap left by Martinez's departure with the signing of Getafe's Daniel Diaz. The defender has reportedly received an offer from the club and is said to be considering a move back to South America, and if he accepts the next step would be to negotiate the rescission of the 18 months currently outstanding on his contract with the Spanish team.