The 75-year-old triple World Cup winner had hip surgery in December and needs a walking stick to get around.
"It all depends on the muscle pains that hinder his mobility," a spokesperson for Pele told Reuters.
Pele, whose given name is Edson Arantes do Nascimento, is considered by many to be the greatest soccer player of all time.
Organizers of the Games invited him to light the Olympic flame in Rio's Maracana stadium, a role usually played by a high-profile athlete from the host country.
He got permission from the American company that owns the rights to his brand name, but his difficulty in moving could rule him out.
Pele had a new hip fitted in 2012 and has had several other health issues since. He spent two weeks in hospital for a urinary infection in 2014 and had prostate surgery last year.
