Sky Sports reported on Tuesday that a £13.4million transfer fee had been thrashed out between the two clubs for the centre-back, who spent last season on loan in the Potteries.
But, despite claims that the 25-year-old would travel from Portugal to undergo a medical on Wednesday, the Stoke Sentinel state this is not the case.
Martins Indi wants to make a permanent switch to Stoke and City officials are hopeful they can agree a deal sooner rather than later.
A clause in the original loan agreement has expired but the Potters are trying to renegotiate the terms to bring him back to the bet365 Stadium.
Mark Hughes has been linked with a loan move for Chelsea defender Kurt Zouma on Wednesday, although it is thought that any potential swoop for the Frenchman is independent of the pursuit of Martins Indi.