Coady was forced to withdraw from England duty last week after coming into contact with someone who tested positive for Covid-19.
The 27-year-old – forced to self-isolate – said at the time he was hopeful of featuring against the Saints, but Nuno admits it is not yet cut and dried.
“I think it’s public that we have the situation of Coady, so let’s see. Let’s hope and see,” said the Wolves boss.
“We’ve spoken to him, and he’s doing his individual training sessions.
“He’s not with the squad. Then, we’ll wait and see.
“He is handling as much as possible the situation.
“No player wants to be out of the training session and not be involved in the squad.
“For Conor, it is a big problem, but I think he is handling well the situation.
“We are in contact, he has his individual training sessions.
“But we still don’t know how it is going to be.
“For now, he is trying to maintain his level of fitness, because he has not been involved in a training session since the first day with the England squad. We still have to wait.”
Coady missed all three of England’s games – against Ireland, Belgium and Iceland – after receiving an NHS Test and Trace alert to say he had come into contact with a person prior to the camp who tested positive.
He returned two negative tests in line with FA and Uefa protocol but, adhering to government guidelines, had to go into quarantine.
The Wolves captain also revealed he had ‘contracted and recovered from the virus back in March’, while adding his priority was to ‘keep my fitness and hope I can be back and available for selection for the next Wolves fixture’.
Coady will be determined to play against the Saints and keep up his immense consecutive appearance streak in the league for Wolves.
He has played the last 119 league matches and is closing in on the Wolves record held by Phil Parkes, on 127.
But when asked if the situation remains up in the air, Nuno added: “Yes, among other things. A lot of things are in the air.”