Ponder made his pro debut Sunday night in the fourth quarter of a 39-10 loss to Chicago.
"We're going to discuss that further today and tomorrow [as a staff], and on Wednesday we should come to a conclusion as to which direction we want to go," Frazier said at Monday's news conference.
McNabb completed 19-of-24 passes for 177 yards against the Bears, but led the team to just one touchdown and a field goal. Ponder, the 12th overall pick in this year's draft, connected on 9-of-17 throws for 99 yards.
"Donovan did a lot of good things in that ballgame," Frazier noted. "Christian came in and provided a spark when he was in there, but when you score 10 points as a team, it's hard to find anything that really brightens you up. It was a disappointing loss for our team, so if someone did something that was positive, it was overshadowed by the way our team played."
Questions surrounding the quarterback position came up two weeks ago after an 0-4 start. The speculation of McNabb's job status quieted somewhat after a 34-10 win over Arizona on October 9, but the club is just 1-5 with a matchup against the defending Super Bowl champions set for Sunday in Minneapolis.
"I don't think we're at that point [looking toward next season]," Frazier added. "We still have some things to play for this season. Right now, 2012 is not really on the radar as we're preparing for the next ballgame."
McNabb, in his first year with the Vikings, has completed 60.3 percent of his passes for 1,026 yards with four touchdowns and two interceptions this season.