Martinez last month revealed that he is "almost set" to join Inter Milan this summer following a breakthrough 2017-18 season with Racing in which he has scored 15 goals in 18 matches, reports Xinhua news agency.
According to the Buenos Aires club's president Victor Blanco, Guerrero, who is serving the final weeks of a six-month doping ban, could fill the void left by the 20-year-old.
"We like Paolo Guerrero, he could be an option," Blanco was quoted as saying by Argentina's Ole newspaper. "We have to look into his situation, which is a little complicated."
Guerrero was given a 12-month ban in December after testing positive for cocaine metabolite benzoylecgonine following Peru's World Cup qualifier against Argentina in Buenos Aires on October 5.
The penalty, backdated to November, was halved by FIFA's appeal committee less than two weeks later.
The former Bayern Munich forward is eligible to resume playing on May 3, just six weeks before Peru's first World Cup appearance since 1982.
Guerrero has denied using cocaine or drinking coca tea, claiming he was a victim of food or drink contamination.
The 34-year-old's contract with Flamengo expires in August, meaning that he can now sign a pre-contract with another club as a free agent.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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