"At this point, I'd say no," Watson said.
Referring to September as a "big month" during his rehab, Watson is attempting to return to full health in time for the 2012-13 season.
The 33-year-old reserve averaged 3 points, 4.3 assists and 2.4 rebounds last season in 20.7 minutes, sharing back-up time with Jamaal Tinsley.
Watson started two games and played in 50 before injuring his knee April 8 at San Antonio. He sat out the remainder of the season, but supported the Jazz throughout the playoffs, going so far as to wear a uniform during Utah's Game 4 home loss to the Spurs.
After spending time on crutches, Watson traveled to Orlando, Fla., for the Jazz's Summer League campaign, sitting on Utah's bench and aiding his younger teammates.
If Watson's not cleared to play by the start of camp, Tinsley will likely serve as Mo Williams' primary backup.