Traore signed a one-year deal with the Black Cats when he joined last summer, though Sunderland do have the option of extending his stay by a further 12 months.
The winger was by no means the most high profile of arrivals as Sunderland prepared for their return to the Premier League, but the 30-year-old established himself as a hugely important figure in Regis Le Bris's side in the first half of the season.
However, since heading off for the African Cup of Nations, Traore's campaign has been heavily disrupted by injuries. He returned from AFCON with a knee issue that forced him to miss a period, and suffered a further setback after making just two substitute appearances.
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He's now facing another eight weeks on the sidelines, with Le Bris admitting last week surgery remains a possibility. Sunderland will first closely assess whether more conservative treatment has the desired effect.
Those injury setbacks are likely to be in Sunderland's thinking as they consider Traore's future, though his experience and quality has been hugely important when he's been fit.
"Yes, it's probably a bit early to make a decision," said Le Bris when asked about the winger's contract situation and future.
"I know that Bertrand and Flo had a conversation recently about this topic, so it's clear. It's not decided yet, and we'll wait a bit."
In the absence of Traore, Le Bris has tried several players on the right side of the attack, with the likes of Chemsdine Talbi, Trai Hume, Jocelin Ta Bi, Nilson Angulo and Chris Rigg having all played in that position.
Angulo enjoyed an encouraging start to life at Sunderland but his progress was also halted by injury last week, which presented Rigg with his opportunity on the right in the weekend defeat to Brighton.
More chances are now likely to come Rigg's way, though Le Bris says he will use various players on the right in the remaining stages of the campaign.
"Like I said just before, for one player in this position, it's hard to repeat [when they're young]," he said.
"Nilson for example is young and came from another league. The responsibility for just one player would be probably too much, so we'll see. It's more about two, three, four players in this area."