The Barcelona manager could leave the Catalan giants in the summer if he fails to lead the La Liga side to the title.
Former Paraguay national team boss Martino is said to be under extreme pressure to resign from his role at the Camp Nou and could be sacked if he does decide to stick it out.
Tottenham boss Sherwood could also be given the boot in the summer as the north London side look destined to miss out on a spot in the Champions League.
Sherwood was handed a two-year deal when he took over the reins from Andre Villas-Boas in December.
Louis van Gaal and Roberto Mancini are said to be on Daniel Levy's managerial shortlist, however Levy is said to be considering a move for Martino.