Provided that the sides can reach a settlement before Tuesday's midnight deadline, Martin will be eligible to play in the playoffs for his next team.
Martin would be another strong addition to the buyout market that has steadily formed in the wake of last week's NBA trade deadline, joining Joe Johnson as an established scorer for playoff teams to pursue once he clears waivers.
The Wolves on Thursday bought out another veteran guard -- Andre Miller -- to free the 39-year-old to seek employment with a playoff team.
Martin, 33, has also been used sparingly this season by the Wolves, who have fully focused on developing their young players in the wake of their inability to keep building on an 8-8 start.
Martin has a player option on his current contract valued at $7.4 million next season, but is likely to draw interest from a number of contenders should negotiations progress as expected to leave the Wolves.
Martin has long been regarded as a high-efficiency player with a propensity to get to the free throw line. He's also a lifetime. 385 shooter from 3-point range who has averaged 17.6 points in 30.5 minutes per game over his 12-season career.