The senior running back and former BCS national title game MVP while at Auburn has been sidelined for the first three games of the season with a deep thigh bruise.
"Michael practiced all three days and we saw some really good things from him," U of L coach Bobby Petrino said on Thursday night. "I just talked to (the trainer) and he said we need to see how he responds. It's not only the injury he's overcoming but it's the soreness from not doing those things for five weeks.
"Besides his quad, the rest of his body is sore. But we have a lot of time before the game and we'll see how he responds."
Petrino said it could be a game time decision, noting there's "definitely a chance that he plays," against the Panthers. Kickoff is 3:30 p.m. on Saturday.
Dyer would give the U of L offense a major boost.
A former two-time 1,000-yard rusher at Auburn, Dyer ran just 44 times for 223 yards and two touchdowns last season. He played in eight games last season.
Petrino said it took him a little while to get back after offseason surgery for a sports hernia, but by the spring game Dyer looked healthy. He ran for 150 total yards - running for both teams - in the spring game.