The mechanical performance of two commercial papers used as solid insulation in power transformers, namely standard Kraft and a thermally upgraded Kraft paper, were studied during accelerated aging in Luminol oil at 170 °C. The results show a relationship between the degree of polymerization and the mechanical properties measured by tensile testing. A linear relationship was found between the mechanical properties of paper, the tensile index (Tidx), and the concentration of methanol present in the oil. The methanol chemical marker has been proven to be an accurate assessment tool for the aging of cellulosic paper. The results show a promising tool for correlating the methanol concentration in oil, as an indirect indicator, with the mechanical performance of the paper. This approach can be used to monitor the real state of the cellulose chains in the power transformer insulation paper.