Holmes failed to train on Friday afternoon following the grand final parade, a run that came less than a week removed from his hamstring strain sustained in Geelong's preliminary final rout of Brisbane.
According to reports from Peter Ryan and Jon Pierik of The Age, Holmes spent Friday's captain's run at the MCG speaking with club officials, with Mark O'Connor and Brandan Parfitt now in line for an on-field berth.
Veteran Sam Menegola also looms as a potential selection.
Having been drafted by the Cats with the 20th pick of the 2020 National Draft, Holmes was initially named to take part in his first decider, as well as Geelong's latest since succumbing to Richmond at the Gabba in October of 2020.
Speaking on grand final eve, head coach Chris Scott stated that O'Connor - the selected medical-sub - was the probable inclusion into his side.
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“There are three guys over the last couple of weeks in particular that have been desperately unlucky. Mark has been one of them, (Sam) Menegola is the other, and Brandan Parfitt is the other,” Scott said.
“If you had have asked me 12 weeks ago, I would have said those three guys were in our team for sure. I feel desperately for them. If Max doesn’t come up, it will be one of those guys.”
The final teams for the 2022 AFL Grand Final will be named at 1:30pm (AEST), an hour before the opening bounce.