Holmes was substituted out of the Cats' preliminary final thumping of Brisbane last Friday night and appeared devastated as he lay face down on the sidelines.
But coach Chris Scott later said club medical staff were "optimistic" Holmes would be able to press his selection case in the build-up to Saturday's season decider against Sydney.
The 20-year-old wingman had scans and showed positive signs on Sunday when he completed a light training session.
Holmes will increase his workload and faces a fitness test at Geelong's main training session of the week on Wednesday.
"Max is tracking well," Cats football boss Simon Lloyd told reporters on Sunday.
"He's an incredibly positive person and we'll find out as the week progresses how he functions, come probably our main training."
Holmes, who will be the Cats' youngest player on grand final day if he is selected, has been a revelation in his second season.
He has kicked 14 goals in 18 games, averaging 15.6 disposals.
"I've never done a hammy so I thought I'd pinged it, obviously, by my reaction," Holmes told reporters on Sunday.
"But it looks all good right now so we'll just see how it goes during the week and I should be good to go."
Sydney also have injury concerns, with Sam Reid in significant doubt.
The versatile tall suffered an adductor injury and was substituted out of the thrilling preliminary final win over Collingwood on Saturday.
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