The 20-year-old has gained plenty of attention in the days leading up to Saturday's season decider, but is still no certainty to play with less than 24 hours before the opening bounce.
"He's probably done what he's needed to do from a physical point of view," he said.
"We were hoping we'd be at the point now where we could absolutely say that he was playing. What we do know is that it's absolutely not a 'no'.
"We just need to make sure that we spend the requisite time over the next little bit working through whether he's absolutely right and whether that's the best thing for us. We haven't absolutely made that decision just yet."
Now, according to The Age, Holmes did not take part in the Cats' final session of the week, instead placed on the sidelines chatting to club staff.
Geelong may be forced into an 11th-hour call on Holmes, with a private session potentially on the cards for the former first-round pick.
Fringe midfielders Brandan Parfitt and Sam Menegola join O'Connor in being considered as Holmes' potential replacement, with the latter tipped as the most likely to land a starting spot in Scott's side.
"There are three guys over the last couple of weeks in our squad that have been desperately unlucky," Scott said.
"Mark is one of them, Sam and Brandan are the others. There's another group of players beyond them.
"But if you had have asked me 12 weeks ago, I would've said those three guys were in our team for sure. I feel desperately for them. If Max doesn't come up, it'll be one of those guys who comes in."
In a similar fashion to Holmes, Reid was limited to in his abilities during his side's final session, even holding talks with coaches John Longmire and Dean Cox.
A long conversation with coach John Longmire and assistant Dean Cox for Sam Reid. Did a small amount of kicking but that was about it. Didn’t take part in short drills. Swans adamant that he’ll play despite groin strain. @9NewsMelb @FootyonNine pic.twitter.com/IAfuoHRdjw
— Braden Ingram (@bradeningram) September 23, 2022
Geelong and Sydney will confirm their finals teams and medical subs at 1:30pm (AEST) on Saturday.