Green has missed two straight games due to the injury, which he initially sustained in the Bengals' season opener against the Baltimore Ravens and re-aggravated in practice two weeks ago.
The fourth-year pro has not practiced in 15 days, but on Monday head coach Marvin Lewis said Green has made "significant" progress in his recovery.
According to Ian Rapoport and Albert Breer of NFL Network, Green met with foot specialist Dr. Robert Anderson last week and received a positive prognosis.
On Tuesday, Green said his status for Sunday's game against the Baltimore Ravens is "still up in the air" and that his toe probably won't be at 100 percent anytime this season.
In addition to Green's injury, Cincinnati's offense has also been without No. 1 receiver Marvin Jones, who missed the first part of the season with a broken foot and then was put on injured reserve last week due to an ankle injury. Tight end Tyler Eifert is also out until at least Week 11 due to a dislocated elbow.
To help add depth at the position, the Bengals signed former Cleveland Browns receiver Greg Little last week.
Green, a three-time Pro Bowl receiver, has 17 receptions for 314 yards and two touchdowns in four games this season. Last season, he finished with 98 receptions for 1,426 yards and 11 touchdowns.
The Bengals have gone 0-2-1 since a 3-0 start and are in second place in the AFC North. The Ravens are in first place at 5-2.
- Molly Geary and Ben Estes