Both players got more practice time this week, said Packers head coach Mike Sherman, and could be activated Monday.
"It will still come down to the top 45 players who can help us win this game," Sherman said. "Both had more reps in practice, and we'll have to see what happens on Monday."
Sherman has until an hour and half before Monday night's game to decide who will be active and inactive.
Ferguson could field punts and kickoffs Monday in place of injured return specialist Allen Rossum, who is out with an injured knee. Wide receiver Antonio Freeman is slated to handle punts, but Ferguson could get kickoffs, Sherman said.
Ferguson caught 15 passes in the preseason for 62 yards, with a long for 40 yards. But he was slow to pick up the Packer's complicated offense, and slowed further by a knee injury.
Sherman said Ferguson has improved radically since he came to camp. "I have seen the light come on in him," Sherman said. "His whole demeanor has changed. He's getting very, very close to being on the field."
Reynolds, a speedy pass rusher, also got hurt in camp. He also was slow to get up to NFL speed. Plus second-year defensive end Kabeer Gbaja-Biamila has charged on to the scene, and has 11 sacks this season.