The Rangers striker has been sidelined with an ankle injury in recent weeks and could return against Montrose at Ibrox this weekend.
Having the 22-goal star available once again would be a massive boost to the Gers boss but with their Scottish Cup clash against Dundee United on the horizon, McCoist knows he could have to play the waiting game.
He said: "Lee is feeling a lot better. I spoke to him briefly and hopefully the break and the rest has done him the world of good.
"We will monitor him for the rest of the week and we certainly won't take any chances with him."
McCoist meanwhile is confident the Gers can tie up new deals for keeper Neil Alexander and youngsters Chris Hegarty and Kal Naismith.
The Gers manager said: "We are looking to offer new contracts to Chris Hegarty and Kal Naismith and we are in discussions with them.
"It is equally important that we continue discussions with Neil Alexander and his representatives and get something sorted out there too.
"I think it's only fair that we look to the future and repay the boys who have been doing well for us.
"We tied up three of the younger ones at the start of the season – Lewis Macleod, Barrie McKay and Robbie Crawford – and that was important.
"We know it's going to be a long and bumpy ride so we want to hold on to our key players and our younger players."
Naismith has been a regular member of Gers squads in the Irn-Bru Third Division and is targeting more action.
He said: "I want to kick on and hopefully that will come because without being disrespectful to the Third Division, I know I can score goals in that league.
"There have been some strikers out at the moment in Lee McCulloch and Kevin Kyle so Fran Sandaza is the only real forward we've got.
"I feel if I can try to push him, I might show I deserve a shot and if an opening comes, I hope I can take it."