The likenesses of the two were once prominently displayed in UT's Hall of Fame exhibit in the Neyland-Thompson Sports Complex.
But athletic director Mike Hamilton explained Thursday that since the Hall of Fame went through a renovation 18 months ago, plans for the future location of the statues have been on hold.
"We actually sent an intern into the storage area to get something, and apparently he opened the door and saw the faces of those guys and it scared him,'' Hamilton said. "When the new football complex is finished, there will be a new atrium and tradition room.''
That project isn't scheduled to be completed until August of 2012.
Talk of the statues came up after Hamilton cleared up a misconception Martin had gotten prior to this season's Kentucky-Tennessee game at Neyland Stadium.
"Somehow our guys heard that they took down the street sign with my name on it,'' Martin said on the News Sentinel's Sports Page radio show on Thursday. "I wasn't upset about it; it is what it is.''
A street that runs alongside Neyland Stadium was named Tee Martin Drive as a tribute to the former quarterback who led UT to the 1998 national championship and was 13-0 in the home games he started.
"Tee is my guy, and I wouldn't let that happen,'' Hamilton explained. "I've called and found out that actually the street sign keeps getting stolen. We had the same problem with Peyton's sign (Peyton Manning Pass).''
Hamilton said the Manning sign problem has been solved by raising the height of the street sign to discourage vandals, and he anticipates a solution will be found for the sign honoring Martin.
Hamilton also said he has called Martin on more than one occasion to offer him a position with the UT athletic department.
"But Tee is determined to coach, and I respect that,'' Hamilton said.