Baines fractured a toe in his foot in the 3-3 Merseyside derby against Liverpool at Goodison Park last month.
He has responded well to treatment and manager Roberto Martinez would like to have him in his matchday squad to travel to south Wales but could not give a definitive answer on the defender's full fitness.
On-loan Barcelona winger Gerard Deulofeu should return inside five weeks after the Spain U21 international's hamstring injury was not as bad as first feared when he was stretchered off against Fulham but confirmed the youngster would miss the whole of the festive period.
Martinez admitted he would not be rushing his compatriot back but, if the prognosis was correct, he should be back in time to face Liverpool in the second Merseyside derby on January 28 at Anfield.
The Toffees boss told the club website: "We've had the scans and it was confirmed that Gerard has suffered a soft tissue injury in his right hamstring.
"Obviously we now need to make sure he recovers well. We don't think he's going to be out for too long, probably the best part of five weeks. But, knowing Gerard, he's a sprinter and we need to make sure he's fully fit.
"Gerard is happy. Obviously he was disappointed, but we were probably a little bit fearful that it could have been a bit more than [it is], so we're pleased that it's an injury that we know exactly what it is and that it's not going to bring any more problems in the future.
"But we need to treat it right because those sorts of injuries cannot be underestimated."
Martinez also revealed that Everton's medical department would be liaising with that of Deulofeu's loan club, Barcelona, to ensure the best possible rehabilitation.
The 19-year-old will travel to Spain later this week and Martinez said: "We're working with the two medical departments - of our club and of Barcelona.
"They're working together because, as you can imagine, there are many things to take into consideration and it's important they have a look as well. From there, we're going to use the best possible route to treat the player.
"Gerard has got a good feeling about him and all he wants is to get back as quick as he can. I think this is going to refresh him and it's going to make him a real impact player when he comes back, so we're excited about that."
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