Reports earlier this month claimed that Villas-Boas was preparing to make a £25million raid on his former club to sign Martinez.
The Colombia international enjoyed an impressive debut season with Porto after joining last summer and finished the campaign as the Portuguese league's top scorer.
He averaged almost a goal every game in helping Porto to the title and he has also been linked with the likes of Barcelona, Chelsea and Liverpool.
A move to the Premier League with Spurs, though, has been dismissed after Villas-Boas confirmed he is not looking to sign the 26-year-old.
"We don't want Jackson Martinez," Villas-Boas told Desporto.
Another player to have been linked with a transfer to White Hart Lane this summer is Atletico Mineiro's attacking midfielder Bernard.
Villas-Boas has been following the youngster, but is not expecting to make a concerted effort to sign a player who is also a reported target for Porto.
He added: "Bernard's a player that we monitor like many others, but I think Tottenham will do nothing regarding them."