Godwin has been rehabbing a dislocated ankle that he received a second surgery on over the offseason, along with other minor knee problems.
The veteran receiver went down against the team's Week 7 matchup against the Ravens and missed the remainder of the 2024 season.
"He's coming along great," said head coach Todd Bowles. "He's on track. We've got to see what the process is for him to get out on the field and do some things," Bowles added. "We'll continue to listen to the doctors and the trainers. He's in great spirits, as well. Again, I don't have a timeline on that, but hopefully it'll be soon."
Godwin was selected in the third round of the 2017 NFL Draft by the Buccaneers, with whom he has spent all eight years of his career.
The All-Pro receiver was on track for his fourth straight 1,000-yard season and the fifth of his career. Since debuting in 2017, Godwin has posted 7,266 receiving yards and 39 touchdowns on 579 receptions through 111 games.
The Super Bowl champion signed a new three-year deal worth $66 million with the Bucs this offseason that'll keep him on the team through the 2026 season, with a club option for 2027.