Caldwell will sit out the match against Newcastle on Saturday even though he returned to action for Scotland last weekend.
Martinez believes it could be another fortnight before Caldwell is ready to reclaim his place at Wigan.
The Latics chief said: "Gary is really excited and ready to be on the pitch but we need to control the situation.
"After his spell with Scotland it is quite clear he is getting very close. I would think two weeks is realistic. If you speak to Gary he will tell you he is ready now.
"He is not far away but I do not want to put him in a position that could see him perhaps being injured and also not being as good as he can be."
Caldwell, who had a hip operation in the summer, was switched to a defensive midfield role in the 1-0 defeat by the Czech Republic in a Euro 2012 qualifier.
He then sat out the midweek match which Scotland lost 3-2 to Spain following an agreement between Martinez and national team boss Craig Levein.
Martinez said: "Gary will not be in the team to face Newcastle. There are different demands in the league.
"Craig Levein used him in a different position as well to his normal role at Wigan."
Martinez was pleased with the way Caldwell slipped back into international football and said: "To have that feeling of pride of playing for your country, Gary is a perfect example of that.
"He is a leader. Not even the most positive doctor expected him to be available. It was clear reward for his dedication, professionalism and hard work.
"It means he will be ready to play for us earlier than expected. Gary has been working so hard after surgery."
On-loan midfielder Tom Cleverley will return to the squad after a knee injury while goalkeeper Ali Al Habsi has recovered from a stomach virus. However Antolin Alcaraz is doubtful with an ankle problem.