Wilson has returned from a second serious knee injury this season in flying form, having scored six goals in 14 Premier League outings, three of which have come in his last five games.
Although Howe told the Daily Echo that Wilson would need a productive end to the season, he said it was possible for the 25-year-old to be in contention.
"He could be," said Howe. "I think Callum would need to score a lot of goals and have a really good back end of the season to put himself in contention but whenever I'm asked these questions I can never say no, I don't think that's right.
"The possibility is there for him to do that."