Under the watchful eye of the Mets training staff, coaches and even co-owner Jeff Wilpon, Yoenis Cespedes ran the bases and did some outfield work at Citi Field on Wednesday morning.

A day after taking part in a simulated game, Cespedes (strained right hip flexor) passed another critical test toward getting off the disabled list, with a decision looming in the next 24 hours about a last step — if there is one.

While manager Mickey Callaway said Cespedes was “not necessarily” ruled out for this weekend’s Subway Series just yet, a high-ranking club source said it was unlikely he would be available by then.

“I think our performance staff and everybody would have to see him going 100 percent on the bases and out there in the outfield,” Callaway said before the Mets lost to the Orioles, 1-0. “We know he can get through an at-bat OK, but we need to see him pushing off 100 percent to make sure that he’s really ready to go.”

Team officials planned to sit down later Wednesday and talk about Cespedes’ next step. They have said he may not need a rehab assignment, but have not yet come to a final decision for the left fielder, who hasn’t played since May 13. The decision will not be as simple as asking Cespedes if he’s good to go.

“We have to talk to a lot of people, get a lot of people’s opinions – one of which will be Ces’ – and then make a good decision that is going to be best for him and our team moving forward,” Callaway said.

Callaway said Cespedes “looked really good” taking turns running from home to first and first to third before heading to the outfield to catch fly balls and throw to the bases. Wilpon talked with the medical staff on the field and later had a one-on-one conversation with Cespedes in the outfield.

General manager Sandy Alderson said last week that Cespedes’ injury is a “somewhat chronic issue,” and something he may eventually have to play through.

The 32-year-old is in the second season of a four-year, $110 million contract and has been sorely missed by a scuffling lineup that continued to plummet Wednesday in his absence. The Mets were shut out again and have scored just two runs in their last 42 innings.

“I think a player of Cespedes’ caliber impacts the lineup greatly,” Callaway said. “You add one more guy to a lineup, especially a guy that can do some damage like Ces, and there’s a whole new added dynamic. That can be huge.”

— Additional reporting by Mike Puma