In the latest hit to a very disappointing season, Everton were knocked out of the Capital One Cup semi-final on Wednesday night, after a 4-3 aggregate defeat to Manchester City.
Though the FA Cup represents one final chance for silverware, this has been an extremely underwhelming season at Goodison Park with many Everton fans growing increasingly frustrated. Following the success of his first season, Martinez has failed to consistently deliver results and further defeats will inevitably fuel speculation concerning possible replacements.
To that end, here are five realistic candidates chairman Bill Kenwright should consider, if he deems the Spaniard dispensable.
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1. Andre Villas-Boas
Not an appointment that would fill the Goodison terraces with joy, but Villas-Boas has done much to repair his damaged reputation at Zenit St. Petersburg.
Having won the Russian Premier League last season, Villas-Boas has led the club this year to the last 16 of the Champions League, where they are favourites to progress against Benfica. The Portuguese manager will be available in the summer and may well be interested in a move back to the Premier League.
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Though his spell at Chelsea was far from a success - he was fired by Roman Abramovich within nine months of taking the job - AVB's tenure at Tottenham was not as disastrous as many people remember.
In the 2012/13 season, Villas-Boas led Spurs to fifth place, whilst the 72 points they accumulated was the highest in Premier League history, for a side that finished outside the Champions League places. The nail in his coffin was the poor reinvestment of Gareth Bale's record transfer fee; however, former director of football Franco Baldini had a significant influence in this respect.
If not as thrilling, Everton would be more balanced under AVB, whilst his ability to get the very best out of Bale would bode well for the progression of Ross Barkley.
2. Michael Laudrup
An appointment that would continue much of the good work Martinez has done in implementing attacking, possession-based football at Goodison Park.
After succeeding Brendan Rodgers at Swansea City in the summer of 2012, Laudrup was briefly a revelation in the Premier League. In his first season, the former Real Madrid star led the Swans to the Capital One Cup - beating Bradford 5-0 in the final - and ninth place in the Premier League.
The following season was far less successful; however, prior to being sacked in February 2014, Laudrup did mastermind a 3-0 victory away at Valencia in the Europa League.
Whether one of the finest players in European football history, could add defensive stability to Everton's existing attacking flair is debatable. Swansea did keep ten clean sheets in the 2012/13 season; however, Laudrup would undoubtedly be an appointment to maintain Everton's flowing football.
3. David Moyes
The opposite, in pretty much every way to Laudrup.
During over a decade at Goodison Park, Moyes established Everton as consistent challengers for the Champions League places. Though they only achieved their goal once in 2005, considering his budgetary constraints Moyes is widely praised for his achievements at Everton.
Since departing Merseyside in the summer of 2013 for Manchester United, the Glaswegian's career has dipped somewhat. Moyes was sacked less than a year into a six-year contract, after a 3-0 thumping at the hands of his former club.
A stint managing Real Sociedad followed and though he racked up arguably the finest victory of his managerial career - a 1-0 win against Barcelona at the Camp Nou - Moyes was again fired within a year last November, with La Real only outside the relegation zone on goal difference.
Regardless of his subsequent failures, Moyes should be considered for his previous achievements at Everton.
Much of Martinez's success in his first season - the Toffees finished fifth - is accredited to Moyes's tireless work in organising Everton's defensive shape and the former Preston manager would undoubtedly provide greater stability than the Spaniard.
4. Eddie Howe
A gamble, but one you can bet that someone is going to take soon.
The 38-year-old Englishman has a very strong reputation within football and it seems only a matter of time till he moves from Bournemouth onto bigger things. Howe's team currently sit in 16th, four points above the relegation zone, despite losing star striker Callum Wilson to a long-term knee injury in September.
Successive wins over Chelsea and Manchester United in December, confirmed to many Howe's credentials and Everton wouldn't be the only interested party.
According to the Daily Telegraph, Howe is on Abramovich's shortlist to take over from interim manager Guus Hiddink this summer; however, Goodison Park would be a more realistic destination.
5. Guus Hiddink
The most ambitious target on this list but worth consideration. Hiddink is only contracted at Chelsea till the summer and although recent rumours have hinted that he may be offered the permanent job at Stamford Bridge, for now, the Dutchman can be considered.
In two, albeit brief spells in the Premier League, Hiddink has confirmed his lofty reputation by twice steadying the Chelsea ship.
In 2009, following the sacking of Luiz Felippe Scolari, Hiddink lost just one game whilst in charge, leading Chelsea to the FA Cup, third in the league and the semi-final of the Champions League.
The Dutchman has never held a permanent role in English football and could be tempted by a move to Merseyside. So far in his second spell, Chelsea have been far more consistent, with their 1-0 defeat at the Emirates confirmation of their return to form.
With Romelu Lukaku and John Stones strongly rumoured with moves, a high-profile managerial appointment may be Kenwright's only chance of retaining his star players and in this regard, Hiddink would be a worthy choice.
Who would be your preferred choice if Everton decide to sack Roberto Martinez? Give us you pick in the comment box below!