The nomadic striker's contract with Rubin will expire next year but both parties are now negotiating a mutual termination.
Martins joined the Russian side from German club Wolfsburg in 2010 for a fee in the region US$10million.
But his stint at the club has been blighted by injuries and loss of form, forcing the team to banish him to the reserve side.
The former Newcastle United and Birmingham City forward was also omitted from the club's Europa League squad.
Levante were keen to snap him up during the transfer window last month but his wage demands scared off the financial-stricken side.
A club insider told BBC Sport that talks are ongoing and Rubin are expected to make an announcement before the weekend.
Martins is expected to sign a two-year deal with Levante, taking a massive pay cut to fulfil his desire for regular football.
The player is expected to fill the void created by the departure of Ivorian Arouna Kone, who joined Wigan Athletic.
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