The 19-year-old forward joined West Ham in 2016 from Valencia for a transfer fee reported by The Daily Mail to be worth £2.4 million and played on loan for Oxford United during the second half of the 2016-17 season.
Martinez is a very talented and promising young forward, and the teenager would be a good signing for Wolves for the 2016-17 campaign.
The Spaniard is unlikely to break into the West Ham first team next season, and it would make sense for him to move to a Championship club on a loan deal.
Wolves are a big and ambitious club, and the Wanderers will be aiming to push for the top six of the Championship next season.
West Ham are 12th in the Premier League table at the moment with 42 points from 37 matches, while Wolves finished 15th in the Championship this season with 58 points from 46 matches.