Peterson was listed as taking part in a limited portion of practice, and Ponder took part in the full session.
Peterson has missed the last three games since suffering a high left ankle sprain during a Week 11 loss to the Oakland Raiders. He returned to practice on a limited basis last week and was a game-time scratch against the Detroit Lions, but Frazier said Monday the four-time All-Pro selection was "real close" to playing last weekend and expressed optimism his return would come this week.
"You can see it slightly in some phases, but not even close to where it was a week ago. Much better," Frazier said Wednesday about the injury.
Ponder, slowed by a hip pointer, was pulled during the 34-28 loss to the Lions after his third interception of the game because of his ineffectiveness. Frazier said Monday the rookie "was no worse for the wear" after the game and added Wednesday that barring a setback, "there's no doubt" the quarterback will start against the Saints.
"It really wasn't a benching," Frazier added. "It was just pulling him out as he was struggling with what I thought the injury was doing to his game, and that's all it was. If I thought he could do some of things that he is capable of doing, he wouldn't have been out of the ballgame, but he's handled everything extremely well."