UPDATE: According to a report from CSN Chicago’s Vincent Goodwill, Wade will make his return Saturday against the Brooklyn Nets.

Saturday’s game against Brooklyn is the Bulls’ third-to-last in the regular season, which would give Wade a few nights to get back in rhythm before the playoffs -- granted Chicago holds on to one of the final spots in the East.

ORIGINAL STORY: Chicago Bulls guard Dwyane Wade is working his way back to full strength after fracturing his elbow on March 15. Wade was ruled out for the regular season when the Bulls announced the injury, but it’s possible that he could return during the playoffs -- if they qualify.

The latest Wade update comes courtesy of ESPN’s Nick Friedell:

“He’s doing a lot,” Bulls head coach Fred Hoiberg said after shootaround Tuesday. “As far as shooting, there’s no restrictions right now getting out there. Still not doing much contact. But he is ramping up activity, doing more and more every day. The biggest thing right now is to keep his conditioning and keep his wind, and if he is able to come back at some point this season he’s not skipping a beat there.

…

“We’re not there yet,” Hoiberg said. “It’s just kind of a day by day thing with Dwyane right now. He is feeling better, but obviously there’s a lot of work to do as far as getting the strength back in his arm. Making sure mentally, he’s right. He still has a little bit of pain in that elbow, especially when he’s done working out. But the important thing is he’s making progress and hopefully he continues to take steps in the right direction and we’ll get him back some point this season.”

The Bulls have gone 6-4 since Wade went out, and their four-game win streak ended in somewhat embarrassing fashion with a 100-91 loss to the New York Knicks on Tuesday. As expected, star Jimmy Butler has been even better without Wade, averaging 28.3 points, 7.7 assists, 5.7 rebounds and 2.0 steals in the last 10 games while shooting 53.9 percent with a 63.9 percent true shooting percentage. Guard Rajon Rondo and forward Nikola Mirotic have played their best basketball of the season recently, too, but Chicago could still wind up outside of the playoff picture.

With four games left in the regular season, the Bulls are 38-40, tied with the Indiana Pacers. Those two teams own the last two spots right now, but the ninth-place Miami Heat are 37-40 and the 10th-place Charlotte Hornets are 36-42. Chicago could still catch the sixth-place Atlanta Hawks (39-38), but it could also fall. 

The good news for Wade and the Bulls: Their remaining schedule -- at Philadelphia, at Brooklyn, vs. Orlando, vs. Brooklyn -- is not exactly scary. Also, they will get the highest seed if they tie with both the Pacers and Heat. The bad news: They have had a nasty habit of playing down to their competition. You just never know when they’re going to shoot 38 percent for a night, like they did against the Knicks. 

If Chicago does what it should and clinches a playoff berth, then there will be an opportunity for Wade to return. Again, there’s good news and bad news there -- he is one of the greatest postseason performers of his generation, but the spacing-starved Bulls have been better on both ends with him off the court.