The former Ajax man's participation at this summer's World Cup is in doubt after he underwent surgery last week to correct a minor knee problem.
Pan says the 27-year-old is progressing well and could still travel to Brazil but is still unsure over when he will be fit for action.
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"The core of the concept of his return was expressed in the initial statement made in the immediate post-operative period and we can happily say that Luis' participation in the World Cup is not ruled out," he told reporters.
"It is very risky to give exact dates. We cannot have absolute certainty or clear numbers but the postoperative period has been very good.
"Luis is not ruled out of the World Cup, but you cannot talk about specific times. Luis is very positive, I never heard a negative expression, and he says it is better every day.
"Today Suarez is pain free and is working on fitness and supporting essentials."
Coach Oscar Tabarez, meanwhile, is adamant that he will not take any risks over his star player's health.
"What happens with Luis will depend on the evolution of his knee," Tabarez said.
"We have no doubt about his enthusiasm and condition but our main concern is the health of the player."