According to reports in the Daily Mail the Spaniard's fate has already been sealed after he was absent from the training ground on Thursday morning.
Having overseen a run of just one win in their last 10 matches, culminating in a wretched display in the 3-0 defeat by Sunderland on Wednesday night, the appetite for change among the Goodison Park faithful has spiralled.
He will be relieved of his duties before the final game of the campaign at home to Norwich on Sunday.
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After talks were held by the club's hierarchy this morning, new major shareholder Farhad Moshiri has decided that a change in direction is required.
The 42-year-old could yet face public humiliation on Thursday night with Everton's end of season awards due to take place in Liverpool city centre.
Everton are 12th in the Premier League table but could finish as low as 16th if results do not go their way on the final day of the season.
Martinez has also led his side to two cup semi-final defeats this season.
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