Newcastle are in the middle of an extensive search to hire a replacement for Steve Bruce, who left the club on Wednesday by mutual consent and with an £8m payoff.
The Magpies are discussing the profile of the manager they want to bring in and they have a number of names on their shortlist.
Paulo Fonseca, Eddie Howe, Steven Gerrard, Frank Lampard and Lucien Favre are all thought to be in contention to become the next Newcastle boss.
And it has been claimed Martinez would be open to becoming the Newcastle manager if the club make an approach for him.
The Spaniard has been the Belgium coach since 2016 and his current contract expires next year.
There has been talk of Martinez leaving Belgium to return to management in club football.
He also has a clause in his contract with Belgium that would allow him to leave the Red Devils for an opportunity in club football.
Newcastle have been linked with an interest in him and the former Everton boss is open to an approach from the Magpies.
It remains to be seen whether he emerges as a contender for Newcastle, who are keen to find the right man as soon as possible.