Captain Chris is rated just "50-50" to run in the William Hill King George VI Chase at Kempton on St Stephen’s Day.
Philip Hobbs has three horses entered in the three-mile feature but is likely to rely on Menorah, who will be the mount of Tom O'Brien, with Richard Johnson suspended.
Sarah Hobbs, representing her husband, said: "Captain Chris is 50-50, Philip said this morning. He is very well. We had a couple of days off when he had a little bit of a hamstring.
"He is schooling very well. I just feel in my heart, I hope he misses it and waits for January. I don't think he is quite ready yet, but it's the right course, right distance and right ground. It is the right way round. Everything is right for him.
"He has been second and third in the race - he deserves to win it. If he ran in it I'm sure he would run a good race, but I'm not sure he will be ready to win it."
Menorah, winner of the Charlie Hall Chase at Wetherby before finishing runner-up to Silvinaco Conti in the Betfair Chase at Haydock, would prefer the rain to stay away from the Sunbury track, according to Hobbs.
She said: "Menorah will still be better with better ground. Clerk of the course Barney Clifford says it is good to soft so that should be fine for him. Tom O'Brien will ride him with Richard Johnson off for 12 days through a ban, but Tom has been with us seven years now and deserves his chance."
Peterborough Chase winner Wishfull Thinking is at the veteran stage of his career, but the Hobbs team may yet run him at Kempton.
"If it is windy it could be a problem, because he has had two operations now and he cannot cope with it being at all windy," said Sarah Hobbs.
"Half an hour before he ran at at Huntingdon it was windy, but it died down. It was extraordinary. We were lucky.
"He was in very good form this morning and Philip was very happy with him. He would have a good chance if he ran, but I can't see him beating Silviniaco Conti."
Paul Nicholls reported Silviniaco Conti to be bouncing but is hoping for suitably soft ground over Christmas.
The 11-4 favourite with the sponsors for the three-mile feature has thrived since reclaiming his Betfair crown last month, according to the champion trainer.
And he is confident that he can defend his title after beating Cue Card by three-and-a-half lengths in the same race last season, providing the rain arrives.
Nicholls said: "He is in the form of his life. He will be a bit better this year. We're looking forward to the big day.
"He's a typical Dom Alco, they are not morning glories. He shows you nothing at home - he never did before we first ran him. You know what you have got with him on the track. What we would want is plenty of rain. Kempton on good ground is not ideal for him.
"He is in the Lexus still and he might go there yet. If you had a dry three weeks, and the ground was good or even faster at Kempton, you would be seriously concerned about it, but if it keeps on raining, if it is soft, it is ideal for him.
"Last year's race was on soft ground and it was test of stamina, which suited him."
Nicholls may also run Al Ferof, who slammed Somersby by seven lengths in soft ground at Ascot in the Amlin 1965 Chase last month.
He said: "That was obviously a career best at Ascot and that form has worked out really well. For whatever reason he seems to be better than he was last year.
"He had a few problems with ulcers and he came back from a leg.
"Sometimes horses take a while to get over them to come back to their very best."
"Sam Twiston-Davies is going to ride him. He was at Haydock to ride The New One, otherwise he would have ridden him at Ascot. He has schooled him, he knows him and that won't be a problem."
Nicky Henderson's assistant trainer Charlie Morlock believes there is a "very good chance" Simonsig will make the race.
Not seen winning the Arkle Trophy at the Cheltenham Festival over a year and a half ago, the grey has been slowly nursed back to full health by the Seven Barrows team, but faces a race against time to be ready for the festive highlight.
Morlock said: "He's still got plenty to do. It is a steep upward curve. As long as we don't have any kinks or slips on the slopes upwards, there is still a jolly good chance.
"He has had some health issues, that's all. Nothing physical - it has been a few respiratory problems. He's had no mechanical problems.
"It is well documented that he has a sensitive airway and little things bug him. Unfortunately, he picks up things more than others. He wasn't at his very best when he won the Arkle.
"Some of us have robust immune systems, some don't. It is the same with horses.
"We will be doing everything we can to get there in time."
Rider Daryl Jacob feels the Colin Tizzard-trained Cue Card, who was runner-up to Silvinaico Conti at Haydock, will need to improve if he is to reverse the form, but that he is capable of doing so, with the yard in form.
Jacob said: "They all look really well and are all really fit now. Cue Card needed the run quite badly at Exeter and he obviously improved a bit going on to Haydock, but hopefully he will improve again. Colin's horses are all running well and it is a great sign."
An intriguing renewal is set to feature a leading contender from Ireland in the shape of the Willie Mullins-trained Champagne Fever.
Beaten a head when second to Western Warhorse in the Arkle at Cheltenham in March but only sixth to God's Own at Punchestown, the grey returned to winning ways with an impressive success in the Clonmel Oil Chase.
Owner Rich Ricci said: "This has been a plan for a while, it's interesting.
"I think he's got a great chance, I worry about Paul's horses, they are on fire, they're going very well and you see the competition here.
"But I think Champagne Fever if he's on his day, he's got a great chance."
