Waghorn, on loan from Leicester until January, missed Saturday evening's goalless draw at Brighton due to a hamstring strain sustained while on duty with the England Under-21 squad.
Tigers' first-team physio Liam McGarry told the club's official website: "Martyn's progressing really well. He's doing straight-line running and a lot of functional work like twisting, turning and striking a ball.
"At this moment in time it looks promising, but hamstrings can be funny ones so we want to make sure we've got him right."
Midfielder Corry Evans is expected to shake off the dead leg that forced him off late in the game at Brighton.