Whelan is set to find out later on Thursday whether the Spaniard has decided to walk away from the DW Stadium after the club's relegation from the Barclays Premier League - and an FA Cup win - in search of a new challenge.
More opportunities appear to be arising by the day with Everton and Stoke both looking for managers, while La Liga side Malaga are on the hunt for a successor to Manuel Pellegrini, who is expected to take over at Manchester City, and could offer Martinez a return to his homeland.
However, Whelan would like to Martinez finish what he started four years ago - and possibly stay beyond the 12 months remaining on his contract.
"I told him exactly as I saw it: his future for the next two years lies with Wigan Athletic," Whelan told Press Association Sport after meeting with Martinez on Wednesday.
"If he wants to opt out of his contract and go then there is a bit of compensation to be paid but I hope that won't be the case. I hope he will extend his contract.
"As I see it there are two (Premier League) clubs available and does each club want him? We are talking about Roberto for the whole of Europe.
"I am not sure which club or the other has approached him but I am sure the club which will approach him will be bigger than Wigan."
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- Manuel Pellegrini