Martel is expected to report to the Panthers’ AHL affiliate, the Springfield Thunderbirds.
The 25-year-old had 30 points in 52 games with the Lightning’s farm team, the Syracuse Crunch, this season.
Martel has appeared in 13 career NHL games with the Lightning and Philadelphia Flyers, recording two assists.
Greco, meanwhile, had 19 points in 37 games with the Thunderbirds.
The 26-year-old has played in a single NHL game last season with the Panthers, going scoreless with a minus-three.