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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."
New Wimbledon champion Garbine Muguruza can be the best player in the world, says her coach Conchita Martinez.