The Sporting CP midfielder hasn’t kicked a ball for the Easter Road side since sustaining a hamstring injury in a 2-0 Ladbrokes Premiership defeat away to Celtic.
However, the 23-year-old has been pencilled in for a possible return for the Friday night trip to Livingston on March 29 - if his recovery continues to go to plan.
Gauld joined Hibs on loan from the Portuguese giants in January, netting an assist on his debut against Elgin City in the William Hill Scottish Cup.
He featured in league matches against Motherwell, St Mirren and Aberdeen before he was forced off after an hour of the match at Parkhead.
Gauld’s return will boost head coach Paul Heckingbottom’s options out wide, with winger Martin Boyle out for the foreseeable future.
Fellow wideman Thomas Agyepong hasn’t played since November, but has returned to training and could also be in with a chance of making a comeback in West Lothian.