Hinrich, who is averaging 8.6 points, 5.2 assists and 3.2 rebounds, has missed the Bulls' past two games because of back stiffness.
"I don't know," Thibodeau said of Hinrich's status after Tuesday's practice at the Berto Center. "If he improves again, there's a possibility. So, we'll see [Wednesday]. I don't want to speculate and say it looks good or it looks bad. He's better today. He did shooting today, which is a good sign."
Thibodeau said he hasn't decided on a starting point guard against the Rockets if Hinrich can't play.
Marquis Teague started at point guard against the Orlando Magic on Monday and had zero points and zero assists in 11 minutes. D.J. Augustin came off the bench and had 14 points and eight assists in 37 minutes.
"I thought he played very, very well," Thibodeau said of Augustin.
The Bulls are entering a two-game road trip against the Rockets on Wednesday and in Oklahoma City on Thursday.