"We're pretty optimistic about opening night. As for preseason games, there's a chance (McDavid) could play next week," Holland said, according to Sportsnet's Gene Principe.
Holland said last week that it was "very likely" McDavid would sit out every preseason contest, but it now appears that the 22-year-old could get into a game before the end of September.
McDavid suffered a torn PCL after slamming into a goalpost at high speed during the final game of the 2018-19 campaign. He did not require surgery and has been skating with teammates at Oilers training camp.
The 2017 Hart Trophy winner finished second in league scoring last season with a career-high 116 points in 78 contests.
The Oilers are slated to begin the 2019-20 campaign at home against the Vancouver Canucks on Oct. 2.