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Muguruza beat American five-time champion Venus Williams 7-5 6-0 in Saturday's final and is expected to rise to number five in the new world rankings on Monday.
The 23-year-old is now a double Grand Slam champion, having won the French Open last year.
Martinez told Sportsweek: "She has the potential and she can win more."
Spaniard Martinez, the 1994 Wimbledon champion, added: "She is very happy with her game. She beat the world number one, Kerber, and she can go all the way."
Muguruza was ranked 15th in the world before Wimbledon but both she and Britain's Johanna Konta, who lost to Venus Williams in the semi-final, are expected to rise above former world number one Serena Williams, who is pregnant with her first child.
Muguruza beat German world number one Angelique Kerber in the last 16 and seventh seed Svetlana Kuznetsova in the quarter-finals on the way to the title.
She was beaten by Serena in the 2015 Wimbledon final, and was determined to avoid a repeat against her sister Venus.
"I didn't want to lose this time because I know the difference. I'm so happy," she said.
"I'm happy that once again I see myself winning a Grand Slam, something that is so hard to do."

The road closed for a time last week after a landslip during Storm Frank.
It closed again on Monday amid concerns about the boulder, which is about 175m above the carriageway.
The Old Military Road diversion, which was in use since 09:00, closed at 16:30. An alternative diversion via Dalmally will be in place overnight.
In a statement, roads operator Bear Scotland, said that efforts to make safe the boulder had been been "ongoing since first light this morning".
"A helicopter bringing materials to site was delayed reaching the area due to inclement weather but the specialist teams have now begun to install the anchors required to remove the boulder safely," Bear said.
"Good progress has been made and preparatory works should be completed today ready for works to make safe the boulder to take place tomorrow morning."
Bear said the "monitoring process cannot continue safely during the hours of darkness and the Old Military Road will close at 4:30pm this evening and reopen at 9:00am tomorrow".
During this time, the diversion via Dalmally and Crianlarich will be reinstated.
Overnight, the A83 will remain open from Inveraray to the B828 junction, allowing continued access to Lochgoilhead, Dunoon and the ferries to Gourock.
At the south side of the closure, access is available from Tarbet to Ardgartan.

Almost 800 people were diagnosed with flu-like symptoms by GPs in the two weeks over Christmas and there have been 195 hospital cases this winter.
This included 25 people in intensive care, while there were 10 outbreaks at hospital wards and care homes.
Pregnant women and those with long-term health conditions are most at risk.
Public Heath Wales (PHW) said the flu strain currently circulating could be particularly serious for older people, but the number of young adults and teenagers visiting GPs with symptoms had also increased.
Dr Richard Roberts, head of the Vaccine Preventable Disease Programme at PHW, said: "We expect the flu virus to circulate at increased levels in Wales for six to eight weeks, with lower levels even longer, so it is important to ensure that remaining eligible people are vaccinated as quickly as possible to help protect them for the rest of this season."
The jab is available from GPs and some pharmacies and is free for those most at risk, including children.
Health and social care workers should also have the vaccination and get can get it through their employers.
Flu is a respiratory illness caused by a virus that affects the lungs and airways and can spread very easily.
Symptoms, which usually last about a week, usually develop very fast and include a high temperature and often include a headache, aching muscles, extreme tiredness and a cough.
Most people with flu symptoms do not need to see a doctor, and PHW advised people to drink plenty of fluids and take ibuprofen or paracetamol to relieve symptoms.
New Wimbledon champion Garbine Muguruza can be the best player in the world, says her coach Conchita Martinez.
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The A83 at the Rest and Be Thankful in Argyll has been closed overnight as efforts continue to make safe a 150 tonne boulder on the hillside.
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Vulnerable people have been urged to have the flu jab as the number of people admitted to hospital with the virus in Wales continues to rise.