Martin has overseen just one league win this season, attracting huge criticism for his steadfast refusal to compromise his possession-first principles.
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Read MoreIn a statement, Southampton said: “Going into the start of the season, we all knew the challenges that we would face this year as we readjusted to life in the top flight, competing in the best and most competitive league in the world.
“The board have supported Russell and his staff and been open and transparent regarding our expectations. We have all been on the same page in recognising the urgency of needing results to improve.
“Everyone connected with Southampton FC will always have fantastic memories of last season, especially the Play-Off Final win in May.”
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