Waghorn, 26, has been out since mid-February with a knee injury.
"I'll push myself but I have to be cautious too," he told Rangers' website.
"If everything goes well then there is a chance I could be involved against Celtic but that is just if everything goes spot-on."
The former Wigan Athletic forward has scored 28 goals for the Scottish Championship leaders this season, including four in the cup.
His last appearance was in the fifth-round replay win over Kilmarnock, in which he scored a penalty before being taken off injured.
"The last six or so weeks have been tough, playing Dundee in the cup game and then knowing we have Celtic coming up - hopefully I can get fit and in contention for that," he added.
"I have to be 100 per cent ready - I want to push myself but I don't want to push myself too far in case we get further on in the competition or rule myself out of the latter stages of the season.
"I'm a little bit ahead of schedule. It is going well but I don't want to say it is going great until I can go outside because I haven't tested it as much, we'll know more in the next week to 10 days about whether I am ready to come back."
Rangers forward Martyn Waghorn is hopeful of being fit in time for the Scottish Cup semi-final against Celtic on 17 April.