Wilks joined from Sheffield Wednesday on a season-long loan in August and has had a mixed impact, while Hungbo – brought in from German football – has struggled for opportunities.
Both deals contained an option allowing the Millers to send the duo back to their parent clubs in January, should they deem fit.
With Rotherham chief Steve Evans keen to revamp his squad in the winter window after a poor first half of the campaign, but with funds limited, it remains a strong option.
Clarity regarding the duo will arrive after Saturday’s Yorkshire derby with Huddersfield Town.
Boss Steve Evans, whose side visit Lincoln City on New Year’s Day, said: “We have made decisions, but obviously want to keep them in-house until we come out of Huddersfield.
“Whether we can spend that money more wisely or whether we can get some in different that we need?
“That’s a consideration, but I have not been told not to go and do my job to find ways to strengthen the group. He’s given me that brief and that’s what me, Rob Scott and Paul Raynor are trying to do.”
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