Fellaini has a release clause in the region of £26million that would allow a club in the Champions League to snap him up.
Arsenal, who appear to be flush with cash this summer, were thought to have activated that clause earlier this week, though those stories were denied by the Fellaini camp.
Should Fellaini leave then Martinez, who will have the majority of the windfall to spend bar a payment to Standard Liege, should look at Dutch star Fer.
The midfielder agreed a deal to sign for Everton in January before a medical revealed some issues with his knee, prompting Everton to seek to renegotiate the deal.
Twente refused to do so and the move eventually collapsed, though Fer indicated last week that he would consider a move to Goodison Park this summer.
Certainly he showed no obvious signs of serious injury during the second half of the season, though some FC Twente supporters felt the distraction of the failed Everton move saw him lose form in the second half of the campaign.
He is currently staring for the Netherlands Under-21s at the European Championships, scoring the winner against Germany on Thursday.
The fee would still be in the region of the original £8.6million and would mean Martinez would still have significant chunks of cash left to invest elsewhere.
I feel Fellaini is more than replaceable in the Everton side. Yes, his aerial threat was a key weapon last season, especially around October /November time, but he has been open in his desire to play further back as a holding midfielder next season. Plus Martinez’s passing style would not necessarily suit Fellaini as a target man.
Fer appears to have all the attributes to fill that role in front of the Everton back four, meaning a Fellani departure and Fer arrival – with a £14million profit – is one worth considering.