Speaking to Q magazine, the 'Paradise' singer confirmed that ITV producers have approached the band about appearing on the show.
"Sometimes the things that you're offered split the band and that always means you end up not doing them," Martin explained.
The 34-year-old, who insisted last month that Coldplay would never perform on the programme, said that he - along with guitarist Jonny Buckland and manager Phil Harvey - were in favour of the idea; with bassist Guy Berryman and drummer Will Champion against the plan.
"I think half of us would love to play The X Factor and half of us say that's a bad idea... me, Phil, Jonny would probably do anything," he noted.
They were previously linked with a spot on the X Factor finale for a potential performance with Janet Devlin - however she was voted out of the competition last night.
Champion added that the band jam to material by The Smiths to resolve disagreements, explaining: "If one of us is down about something generally it can be resolved by grabbing some guitars and playing a Smiths song."
Watch the video for Coldplay's 'Paradise' below: