The 60-year-old Democrat, who is finishing his second term as county assessor, told a reporter that health problems related to an old ankle injury are forcing him to the sidelines during this election cycle.
"I'll wait and see if there's some other way I can serve in two years," Martinez said.
The only other announced candidate for the office is state Sen. Tim Keller, D-Albuquerque. No Republicans have announced for the office
Current State Auditor Hector Balderas, who has announced he will run for the Democratic nomination as state attorney general in 2014, couldn't seek re-election as auditor due to term limits.
Martinez served two four-year terms as state auditor beginning in 1999. He has the distinction of being the first public official to find evidence suggesting corruption on the part of former state Treasurer Robert Vigil, who ended up serving time in a federal prison.
During his first term as auditor, Martinez ordered an audit of Vigil’s years as state auditor in the 1990s. That audit uncovered possible violations of state laws, including the filtering of money to a former assistant through an accounting company and money going to a nonprofit group headed by Vigil’s wife.