The Uruguayan sustained a fissure in the posterior tibial spine of his right leg in the 4-1 defeat at Valencia before the international break and has missed the last six fixtures for Los Blancos.
The 22-year-old has grown into a prominent role whereby he has been preferred in starting line-ups ahead of Luka Modric and even Toni Kroos, who replaced him at the Mestalla earlier this month.
It continues the recent run of positive Real Madrid news, with the club having no fresh injury worries from recent matches with captain Sergio Ramos and right-back Dani Carvajal among the players back in the fold.
Eden Hazard and Martin Odegaard remain unavailable, but the pair are also back in light training with the club as they continue their recoveries from injury.
Image via Marca