Traore made the temporary move to Merseyside in January, but a hamstring injury meant that his time on the pitch was restricted to just 62 minutes.
However, after Romelu Lukaku returned to parent club Chelsea, Martinez has revealed that they have already opened talks regarding a potential return for the Ivorian.
The 40-year-old told Sky Sports News: "At the moment, we are still talking with Monaco. With Lacina, it is a three-way conversation and it will go a bit further down the line before we take a final decision.
"But we always wanted Lacina to be with us and to play his football with us, and that hasn't changed at all."
Traore is yet to make an appearance for Monaco despite signing for the Ligue 1 club for a sizable fee at the start of the year.