Colvin, who led all rookies with 20 home runs last season, is batting just .113 in 62 at-bats this season.
Manager Mike Quade admitted that the Cubs have to figure out if it's worth keeping Colvin on the major league roster if he's not going to get consistent at-bats.
"He's not going to get out of his funk with a pinch-hit here and there once a week," Quade said Sunday. "So we have a lot to think about as far as that's goes this afternoon."
Colvin has heard the rumors that he may be sent down, but he tries to block it out.
"I can't let it affect me. Then I'll bring it into at-bats and what I'm trying to do here," Colvin said, "I stay positive and know I'm on this team to help them win ball games."
Colvin, a first-round pick of the Cubs in 2006, forced his way on to the Cubs roster after hitting .468 with 18 RBIs in spring training. He played all three outfield spots and showed power potential in 358 at-bats last season.
But Colvin's season came to an end on Sept. 19 when a splintered bat punctured his chest as he led off on third base during a game against the Florida Marlins. The freak injury shelved Colvin for the rest of the season.
In addition to his fourth outfielder role, Colvin added backup first baseman this season. But his struggles at the plate have kept him on the bench.
"I didn't get a lot of at-bats last year early, [but] I made the best of them and this year I haven't," Colvin said, "It's one of those things I can't complain, the others guys are doing a great job."
With the Cubs lacking speed off the bench, one possible option to replace Colvin on the roster is outfielder Tony Campana, who is batting .339 with two triples and seven steals for the Iowa Cubs. Campana, 24, has been with the Cubs organization since 2008 when he was drafted in the 13th round of the First-Year Player Draft.
Sahadev Sharma is a special contributor to ESPNChicago.com. ESPNChicago.com's Bruce Levine contributed to this report.