Martin (shoulder) cleared waivers and reverted to injured reserve, according to the league's official transaction log.
Martin (shoulder) is listed as week-to-week after suffering a hamstring injury in Saturday's preseason game, ESPN 1070 am Indianapolis reports.
Martin injured his shoulder and won't return to Saturday's game against the 49ers.
The Colts promoted Martin from their practice squad to the active roster Friday, Andrew Walker of the Colts' official site reports.
Martin has been traded to the Colts in exchange for long snapper Thomas Hennessy, Ian Rapoport of NFL Network reports.
Martin was called up from the practice squad Tuesday, Rich Cimini of ESPN.com reports.
Martin was waived by the Jets on Sunday, ESPN's Adam Schefter reports.