The right-hander, who received cortisone shots in both hips, has been dealing with hip problems since the end of last season.
Lincecum received treatment from team doctors Saturday before engaging in some light throwing on the field. Manager Bruce Bochy said if all goes well, Lincecum will throw off a mound in a couple of days.
"He seems to be doing well," Bochy said.
When Lincecum is ready to return, there may not be a spot in the rotation waiting for him. Jake Peavy and Matt Cain have been a boost to the Giants' rotation since they returned from the disabled list earlier this month, while Chris Heston and Madison Bumgarner have been the anchors of the starting group.
Peavy and Cain replaced Lincecum and Ryan Vogelsong, and the latter was moved to the bullpen as a result. Lincecum could be headed for a similar fate when he is ready to pitch again given his struggles this year.
The two-time National League Cy Young award winner is 7-4 with a 1.48 WHIP and 4.13 ERA in 76 1/3 innings in 2015.
Oliver Macklin is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.