The 20-year-old winger struggled towards the end of the 2-1 loss to Everton on Tuesday night after being fouled by Abdoulaye Doucoure.
He managed to carry on but was in obvious discomfort following the 'big knock'.
On whether Neto will be fit for the much-anticipated clash with Albion at Molineux (12.30pm), Nuno said: "He's inside all the players we have to assess, realising we still have a lot in front of us.
"At the same time, Pedro is doing well, so we'll decide tomorrow.
"He had a big knock but is improving. Better today, and hopefully better tomorrow."
Wolves are hoping Neto is not the latest to join a long line of players who have missed games as of late.
Daniel Podence and Fernando Marcal will not be ready to face the Baggies, while more long-term absentees Jonny Castro Otto and Raul Jimenez also remain on the sidelines.
Adama Traore and Willy Boly, though, are back in training.
"Adama and Boly are joining (training), so let's see how they are," said Nuno.
"Boly is joining, that's the good news."
And on the importance of the derby, his first, Nuno added: "We are aware of what it means to our fans, but we don't have them.
"This is one of the things that has changed dramatically – when you arrive at the stadium you don't see them, or after the game. This is what I miss, the presence and voice of the fans.
"Realising that, knowing they're at home, I promise we'll do whatever we can to make a good game and be competitive – and give a big happiness.
"It's a local derby. Since we are here, we've always been in different divisions, so this is the first time."