Christie is making “good progress” after rupturing part of the tendons in her ankle in a nasty fall in Saturday’s 1,500m semi-final.
The 27-year-old will go through a training session before the heats get underway, with Team GB chef de mission Mike Hay “cautiously optimistic” she will be fit to race.
And Jayne Torvill, who won an ice dancing gold at the 1984 Olympics, believes Christie will be filled with regret if she pulls out.
“At the Olympics you only have one chance,” Torvill told the BBC. “Elise needs to take it.
“I think she’d regret not having a go – unless it’s physically impossible.
“The adrenaline kicks in and the pain will go away.
“It’s when you take your foot out of the boot that the pain will come!”
Christie – one of Team GB’s brightest medal hopes before the games – has been wearing a protective boot since colliding with China’s Li Jinyu on Saturday.
Discussing Christie’s fitness hopes, Team GB bigwig Hay said: “The welfare of the athlete is more important than chasing any medal target.
“She needs to be fit or else she’s not going to be able to compete at the level that she wants to.
“I guess we need to dampen expectations a bit because she’s coming back from an injury.
“Whether she makes it or not is still in the balance and there’s obviously going to be an element of risk if she does make it.”