Martinez is under contract with #Rays through 2015. He is team’s longtime bench coach, but not a finalist for its managerial opening.— Ken Rosenthal (@Ken_Rosenthal) November 25, 2014
It would seem to me that Martinez, having been passed over to replace Maddon as Rays manager, probably wouldn't want to stay under whoever succeeds Maddon. That situation might also be uncomfortable for that new manager, as that man might want to pick his own bench coach.
This would seem to make it more likely that Maddon will indeed want to hire Martinez to join him with the Cubs. On the one hand, this would be a "putting the band back together" move and sometimes those don't work out. On the other hand, it worked out really well for seven years in Tampa and Martinez has the added advantage of being a former Cub, so he's got at least some insight on what it's like to play here.
I'm thinking this gets done fairly soon.