Grey has been out of action since coming on as a late substitute in the draw with Forest Green Rovers earlier this month having picked up a groin issue.
Grey has missed the defeats to Port Vale, Rohdale and Swindon Town as Pools have struggled to fill their substitutes bench in the process.
Grey has been one of a number of casualties in recent weeks to have depleted Pools’ squad with captain Nicky Featherstone another to have doubts over whether he will feature again this season.
But assistant boss Nelson believes Grey could play some part either in Pools’ penultimate game of the season at Scunthorpe United this weekend or next week’s final game of the season against Colchester United at the Suit direct Stadium.
“I would imagine he’ll be able to play some part before the end of the season,” Nelson told The Mail.
“The thing you’ve got to weigh up, with the type of injury that it is, by bringing him back; do you risk or harm the good by bringing him back too soon? So that’s something that will have to be assessed by the physios and the gaffer will obviously make a decision on how he is.
“He’d have to have quite a good period of training to make sure he’s fully fit going in and that he won’t break down again.
“Because what we don’t want to do is injure him and for him to have to rehab during the summer and then possibly be chasing the rest of the lads come the start of next season.”
Grey is one of a number of players out of contract in the summer although it is understood there is an option of an additional year in the 18-year-old’s current deal.
Grey has enjoyed a successful season regularly breaking into the first team picture under Graeme Lee scoring four goals in 36 appearances.
“I believe Joe has got an option on his contract,” Nelson told The Mail.
“But there’s several players who are in talks with the manager and the club to try and extend deals. But until everyone agrees then nothing gets sorted.”