The skier from Mont Tremblant, Que., had surgery on left knee last summer. He's now targetting a World Cup event in Saalbach, Austria on Feb. 21 for his comeback.
That means Guay, Canada's all-time leader in World Cup podiums, will miss the world championships in Beaver Creek, Colo., Feb. 1-15.
Guay has resumed training in Austria with the Canadian alpine team. He says he feels no pain in the knee, but isn't ready to compete yet.
"After missing the last 10 months of skiing, I find it too dangerous to [enter] competition so early," he said.
"I feel I lack a bit of strength in the left leg," he said. "With an additional month of training and strengthening the leg should [be ready]." But Guay admits, it's possible he could miss the entire season.