The club said it expects to announce whether Martin will remain as general manager next week.
"Over the past few days both Jacques and I have spent significant time together discussing what is in the best interest of this franchise," Alan Cohen, the Panthers' owner and chief executive officer, said in a statement. "It is now up to Jacques to decide if he wants to remain with the club."
Martin took over as head coach for the Panthers prior to the 2005-06 season, and added the general manager's duties in September 2006. Under his guidance, the Panthers went 38-35-9 this season, good for 11th place in the Eastern Conference.
Florida finished with a winning record in each of his three seasons, but has not qualified for the playoffs since 2000.