The NSW representative has been sidelined since round 21 after fracturing his ankle and initially written off for the season.
But the Knights' run into the second week of the NRL finals has allowed the back-rower to be in the frame for a return and named a reserve for Sunday's do-or-die clash against the Warriors in Auckland.
Known for his hard running and rigid defence, the addition of Lucas would be a massive boost to the side's hopes of manufacturing a second finals upset in as many weeks after knocking off South Sydney last Friday.
Lucas had completed running drills on Tuesday, and on Thursday Holbrook refused to rule him out of the semi-final showdown at Eden Park.
"Dylan Lucas will be the one that we'll sort of see how he pulls up and we'll probably won't make that decision on him until Saturday," Holbrook told reporters.
"Credit to the medical staff and to Dyl. Right from the day he got injured, he was sort of wanting to fast-track himself and do everything right.
"So if he gets there on Sunday, we'll all be happy ... for Dyl."
Currently, Jermaine McEwen and breakout star Francis Manuleleua are holding the second-rower spots on the team list.
Holbrook insists that he is confident the pair can step up and the side secure a first preliminary final berth since 2013.
Regardless, the coach said he didn't expect Lucas to return so quickly after revealing he had a 10-week recovery time post surgery.
"I always was confident, but I wasn't paying too much attention to it. I left it to him," Holbrook said.
"But for him to put himself back in the mix this quickly is great for everyone."
The Knights will be up against not only the Warriors but a raucous 50,000-strong crowd spurring on their opponents as the Kiwi club push for a first premiership.
But Holbrook is certain that his younger side can rise to the occasion.
"We know where we're playing and that's the same for the opposition. They haven't played there themselves," he said.
"This is the reason you want to play this time of year and ... we'll take it as a privilege that we're playing at this time of year and not watching it."
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