Martinez back in Bayern Munich training
The former Athletic Bilbao midfielder sustained the injury to his left knee during the German Super Cup defeat to Borussia Dortmund.
However, after surgery and a lengthy rehabilitation programme, the Spaniard trained on Wednesday and is hopeful of featuring before the end of the season.
"It's just fantastic, I'm overjoyed," the 26-year-old told Bayern's official website.
"It's only the first step. I know I have a lot of work ahead of me yet.
"They [Bayern team-mates] were cheering and clapping for me. I guess they're all delighted for me. I hope I can pick up a few minutes playing time very soon."
Martinez arrived at the Allianz Arena in 2012 and was part of Jupp Heynckes' treble-winning side in his debut season.
Further honours followed under Pep Guardiola last term, including the Bundesliga title and the DFB-Pokal.