Martinez will be the fourth foreigner in Al-Shabab's squad for next season while the Saudi Arabia Football Federation's rules allow just three to be registered in each team.
Al-Shabab already have Ghanaian striker Godwin Attram, Nigeria's Michael Enramo in addition to former Zamalek and PAOK Saloniki defender Azmi.
The five-time Saudi champions are reportedly willing to listen to offers in the region of $400,000 but no team have expressed interest in acquiring the services of the 24-year-old defender yet.
Al-Shabab may release Azmi or register him in the Arab Champions League squad only in order not to lose him for nothing.
It remains to be seen whether Cairo giants Ahli will revive their interest in Azmi, especially after missing out on the signing of Beshir Al-Tabie, who is set for Zamalek switch.
Azmi joined Al-Shabab from Greek side PAOK Saloniki in the January transfer window but his strained relationship with the team's Portuguese coach Jose De Morias soon ended his adventure.