We looked on course for the fourth round when Paul Stalteri smashed home a spectacular goal to add to Jermaine Jenas' opener and put us 2-0 up after 42 minutes at the Walkers Stadium.
However, Leicester hit back via Elvis Hammond a minute later to give themselves hope before the interval, they then levelled through Stephen Hughes after 57 minutes and completed their comeback when Mark de Vries beat the offside trap to slot home in added time.
"I'm gutted for everyone at Spurs," said a dejected Martin afterwards. "We started well, played good football and everthing was going fine tactically - they had to change their system.
It wasn't even like an FA Cup tie because we played well, had a 2-0 lead and there were no problems
"We created a few chances, scored two good goals, they never had chance but then we didn't defend a cross at the far post for 2-1 and that was a bit sloppy. That goal also gave them a lifeline. We then gave away the second goal with a corner kick too easily on the right.
"We had chances to kill them off and didn't take them and then a lack of concentration in the dying minute of the game and you are back in the dressing room feeling gutted.
"We have to let it sink in because we are still so disappointed - we all thought maybe our name was written on the cup this year but it's not to be."
Martin Jol couldn't hide his disappointment after we crashed out of the FA Cup against Leicester City on Sunday.