In a chat with Argentina's La Nacion daily, Martinez said that his knee is ‘shattered’ which leaves him with no alternative but to retire from boxing.
"I am a boxer, my knee is shattered, I am 40-years-old, I'm getting wrinkles and my hair is falling out.
"I've already made up my mind, but in a few weeks I will have a final meeting with doctors and make my announcement then."
In June, the Argentinian, lost his WBC middleweight title to Puerto Rican Miguel Cotto, in a fight that saw him struggling to move freely around the ring due to his knee injury.
During a career of 20-years, Martinez won 51 fights with 28 knockouts, losing three bouts and drawing two.