Holgate joined Southampton on loan from Everton in the summer, but the Toffees are concerned about his lack of game time and could recall him.
Several sides are claimed to be keen on Holgate if that does happen and Scottish giants Rangers are amongst them.
Saints boss Martin insists that the performances of others have restricted Holgate’s game time and is clear he cannot guarantee the defender will stay, even though he would like him to.
He admits he is expecting there to be talks around the defender’s situation at some point.
“He is out of the team because the other guys have played well and that is frustrating for him”, Martin told the Daily Echo.
“I can’t sit here and say he is definitely staying.
“Would we want him to stay? Yes. He is a great teammate, he’s got a great energy around the place and he’s been good on the pitch the last few times.
“However, I also understand that he probably wants to play more minutes and for Everton, it is probably frustrating as well.
“I am sure there will be conversations between Jason [Wilcox], Everton, and maybe Mason’s agent at some point.”
Rangers boss Philippe Clement is tipped to add to his squad in the January transfer window and with the title race now firmly back on in the Scottish Premiership, a move to Ibrox could appeal to Holgate.
