The 24-year old joined the Rams on loan in February and after scoring two goals in 13 outings, could quite possible be making Pride Park his permanent home next season.
"We are close to securing Chris Martin," Derby boss Nigel Clough told the Derby Telegraph.
"I think he has shown enough in the last two or three months to say he is going to be a good addition for us.
"Some of his link-up play with Jamie Ward and the midfield against Millwall on Saturday was very good. We have seen some good things from him."