The highly touted freshman from Los Angeles announced in September that he had decided to leave the program to concentrate on academics at CU.
Recently, Cain and head coach Tad Boyle have had some preliminary discussions about the possibility of the 6-foot-7 power forward rejoining the team.
"We've had some conversations. It's day by day," Boyle told the Camera. "I wouldn't say he is or he isn't (going to be back on the team). The jury is still out with Damiene as we work through this thing."
Rivals.com ranked Cain as one of the top 150 prospects for the 2011 recruiting class when he came out of Westlake High School in North Hollywood, Calif.
Cain was expected to have an immediate impact as a freshman in a reloaded rotation that will also include Los Angeles area standouts Spencer Dinwiddie and Askia Booker.
"I was a little surprised by it," Dinwiddie said of Cain's decision. "It's not every day you see a top-100 caliber player decide not to play."
Boyle and Cain also had a series of meetings leading up to the announcement in September that he would be leaving the program.
"I feel it's best for me to pursue a college degree without the restrictions and demands that come with being a student-athlete," Cain said in a CU news release.
Meanwhile, the Buffs continue preparations for the 2010-11 season without Cain.
CU opens the season on Nov. 11 against Fort Lewis before competing in the Puerto Rico Tip-off Nov. 17-20.