James' schnoz was busted in Thursday's game at Oklahoma City, and the four-time NBA MVP was hoping to play against the Chicago Bulls Sunday.
"I'm not going to rush it," James told reporters. "I feel better today than when it happened. I'm a game time decision, more probable than anything."
Coach Eric Spoelstra said James' status would be determined Sunday.
James watched practice Saturday and took a few casual shots after the workout, ESPN.com said. If he is unable to play Sunday, Michael Beasely or Rashard Lewis would likely start in his place at small forward.
James has been a stalwart for the Heat over the years. He only missed one game this season while resting a strained groin muscle in late December.