Although pictures have shown Wentz throwing to teammates on the practice field, he has not been medically cleared to do more.
"He's making progress each day, and we just continue that process, and he continues to throw and get stronger," Pederson said as the Eagles began its rookie minicamp on Friday.
"It's a fine line, too, this time of year, of maybe trying to do too much, too soon. But our guys are on top of it, he's on top of it, he's managing it extremely well and I'm encouraged with where he's at."
Even though Foles took over when Wentz went down and guided the Eagles the rest of the way, Wentz is considered the starter and plans to be ready for the start of the season.
"My goal is to not miss a game," Wentz said in a recent interview with ESPN's Sal Paolantonio. "I feel I missed plenty last year. I want to be out there with the guys. It's a fluid process. We'll see what happens, but I'm confident I'll be back Week 1 and ready to play against Atlanta."
Despite his optimism, Pederson emphasized that he will not put Wentz out there until he is ready.