The Canucks designated him for waivers for the purpose of assigning him to Abbotsford of the AHL.
Sportsnet’s Elliotte Friedman says the Canucks have had trade discussions involving Martin.
Martin struggled last season, going 11-15-1 with a 3.99 goals-against average and .871 save percentage in 29 games with the Canucks. He also played 16 games with Abbotsford.
The Canucks acquired goalie Casey DeSmith in a trade with the Montreal Canadiens earlier this month and he appears in line to be the backup to Thatcher Demko.
The Pittsburgh Penguins, meanwhile, placed defencemen Taylor Fedun, Xavier Ouellet and Ty Smith and forwards Jonathan Gruden and Rem Pitlic on waivers.
The Colorado Avalanche placed forward Callahan Burke on waivers.