The newly promoted club, who will play top-flight football next season under manager Frank Lampard, are among four European clubs tracking the 22-year-old. Feyenoord, Celta de Vigo and Krasnodar are also credited with interest.
Botafogo have set an asking price of around €8 million (£6.7 million), a figure below the €10 million (£8.4 million) they paid Udinese to sign him permanently in 2024.
The Rio de Janeiro club are under financial pressure — they still owe Udinese a reported €6 million of that fee, a dispute that has been referred to FIFA — and have identified Martins as one of the assets capable of generating immediate funds.
There is a complicating factor on the contractual side: Martins is tied to Botafogo until December 2028 and is not believed to be pushing for a move. The two parties met this week to align on their expectations ahead of the European window opening in late July.
Martins is not an unknown quantity in English football. He spent the 2023-24 season at Watford on loan, making 49 appearances in the Championship and contributing six goals and three assists before returning to Brazil. That experience makes him a relatively low-risk addition for a newly promoted side looking to establish themselves in the top flight.
Since joining Botafogo he has made 81 appearances, scoring nine goals and adding two assists. The numbers are modest, but his pace and ability to beat defenders in one-versus-one situations have kept European clubs interested. He is currently sidelined with a muscle injury.
Coventry are expected to recruit aggressively in wide areas this summer. At £6.7 million, Martins represents the kind of affordable, Premier League-ready profile that newly promoted clubs are rarely able to find.