The Sky Sports pundit says he can't figure the Toffees out.
Indeed, the pundit felt optimistic about the Merseyside outfit's top-four chances just a few weeks ago.
But Nicholas told Sky ahead of their clash with Tottenham Hotspur: "I can't work Everton out. They were flying a few weeks ago and looked like top four was realistic but they've gone off the rails and are in a spin."
With his record at Wigan - his romantic footballing story saw him keep the Latics in the Premier League for a number of years before winning the FA Cup the season they finally got relegated - it would be easy to defend Martinez.
Some of Everton's build-up play is truly breathtaking and you wonder if any other manager could get the Toffees playing as creatively. They probably couldn't.
But build-up play is just one area of football. Everton have struggled to put away the chances they have created this season and, when they have, they've ended up conceding goals galore at the other end.
It's no surprise Nicholas can't work Everton out, then. Martinez says his side are on the cusp of something special. But he's been saying that since he arrived at Goodison Park. Are they just getting worse and worse under the Spaniard?