England defender Jagielka has not featured since the 1-0 defeat to Chelsea back in late February after suffering the problem during a training session.
Youngster John Stones has deputised for the 31-year-old, but Everton boss Martinez has announced that his skipper could be available for his side's trip to Newcastle United on Tuesday.
"Phil is fully fit, it is now about making sure we're not taking any risks," said the Spaniard.
"We will make a decision tomorrow, we need to measure which game he will be involved in, whether it is Newcastle or Fulham (on Saturday).
"From a medical point of view he's fully fit."
However, midfielder Steven Pienaar is still a few weeks away from a comeback after his knee problem.
"He (Pienaar) he is doing well, there has been a problem in his cartilage," Martinez added.
"He will be (available) in a couple of weeks from now, it is a setback but he is trying to get fit as quick as he can."
