Velupillay was forced off the field with a right ankle injury in Victory's stirring 2-0 away win over Auckland that booked their passage to Saturday's sold out blockbuster grand final at AAMI Park.
The 24-year-old was on crutches and in a moonboot on Tuesday, casting doubt over both his involvement against Melbourne City on Saturday and for the Socceroos' upcoming World Cup qualifiers against Japan and Saudi Arabia.
"We're not sure yet. It's still early," Victory coach Arthur Diles said.
"We'll give him to the 11th hour and we'll make that decision on Friday. But at this stage, it's probably 50-50.
"He's walking better, but one thing's to walk and one thing's to be up for a final.
"In terms of general walking, he is better, significant improvement in that regard.
"But still way too early to have a clear indication."
Skipper Roderick Miranda and his teammates are rallying around Velupillay, who is yet to train this week.
"Everybody will expect Nish to come but I think it's a daily process," he said.
"Hopefully tomorrow he feels better, the day after better and after, I think we'll take it from there.
"But for now, just hoping he feels better. That's the most important, to feel healthy, and if he's able to play, we are more than happy to have him.
"If not, I know he'll be one of the extra 1000s around to help us. So got fingers crossed."
Goalkeeper Mitch Langerak is pushing to return from a foot injury and trained in boots at open training on Tuesday - though he has worked solo rather than with fellow shot-stopper Jack Duncan.
"He did a little bit yesterday, he did a little bit more today," Diles said.
"We'll see tomorrow how he pulls up, because it'll be first time he's done two days back back to back. So it'll be a big test for him."
Kasey Bos (heel) and Adama Traore (calf) are both expected to be fit.
City are ready for their nominally "home" grand final to be dominated by Victory fans and will embrace the occasion.
"I still can't believe, after 20 years, it's the first derby in the grand final," coach Aurelio Vidmar said.
"You know what the derby is always like. They're always intense. There's always something happening that can be explosive.
"So we just have to try to prepare for anything and everything ... whatever happens on the night, we'll be ready."
Captain Aziz Behich, a proud Melburnian, said: "I'm expecting the atmosphere to be unbelievable.
"It's massive ... We're excited. It's perfect for Australian football."
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