The United States international suffered his latest knee injury while away with his country in the summer and has not appeared for the Trotters, for whom he has played just five times since March 2011, this season.
Holden was back in his native country last week and told American journalists he had hoped to appear for Wanderers' reserves before the end of February.
However, Freedman was less committal when that very proposition was put to him.
"Reserve games? I'm not too sure about that," he said.
"If that's coming from Stuart that's typical of Stuart. I like it, that he's always like that - pushing to get there. But we've got to really respect what the doctors say on this one and I'm not a doctor so I couldn't say if it's 'yes' or 'no'.
"All I know is he's back (in the US) for 10 days then he's got two weeks of rehab and if you work that out...I doubt that (he will be playing for the reserves this month)."
The 28-year-old still harbours aspirations of representing the United States at the World Cup in Brazil and he has been back in the national set-up as part of his rehabilitation.
Freedman added: "Stuart's been over there for 10 days to see where he's at. Not in terms of physical condition, the condition of his knee. To see if he can withstand certain exercises.
"He also met the national manager and see where he's at with getting back into that. When he comes back (to Bolton) we'll assess him over two weeks for his physical condition."