The Colombia international's current deal expires in the summer and there has already been interest from Italian side Juventus, who would be able to open negotiations in January.
Martinez has other more pressing issues with his team bottom of the table, but is optimistic the contracts of the club's all-time record Premier League scorer and midfielder Mohamed Diame will be sorted in the next six weeks.
"We have been talking with Hugo for a long time and it's something we need to sort out," the Latics manager told the Evening Post.
"His agent has been over in Colombia which has made things difficult but he'll be visiting here shortly.
"Once we can get everyone together, I really don't think it'll be very difficult to find a solution.
"It's important we don't get to January without knowing where we are, though, because we need to have as much stability as we can at the football club.
"Between now and January is an eternity in football and we shouldn't be concerned with what might or what might not happen.
"Momo (Diame) is in the same boat as Hugo but we're still talking with his people as well and we are hoping to have things to announce before we get to January.
"We want to resolve these personal situations as quickly as we can but the important thing in the meantime is to focus on the team and winning games."