It would be remarkable recovery for the club’s leading goalkicker from last season.
Walters dislocated a tendon in his left ankle in round three against Hawthorn and it was initially feared that he could miss the entire season.
However, following surgery and a rigorous rehabilitation program, Walters could return for Freo’s clash with Carlton on July 31 and coach Ross Lyon said he could potentially play all five matches in the lead-up to the finals.
"He's progressing really well," Lyon said on Wednesday.
"He's running. He's punching out 30km a week. We're just conditioning him.
"The risk from here is a soft tissue (injury). So he's in full speed training. He's not in football (training) yet so it's conditioning against soft tissue risk.
"We're all excited. We thought he was done for the year. But the way it's tracking he might get four or five games in the home and away season."
The left-footer would be a valuable inclusion in the Fremantle line-up. He kicked 46 goals last season, including six in three finals, and made the initial All Australian 40-man squad.
Despite some critical injuries to key players mid-season the Fremantle Dockers are starting to look ominous given the quality of players they have to come back.
Stephen Hill, like Walters, should be available to return from his quad strain after the bye. Hayden Ballantyne will also return from his suspension after the bye while Luke McPharlin is due to return this week to face St Kilda.
Lyon said there was no temptation to rest McPharlin as it was important that his injury-prone defender played following a minor calf strain.
"We don't work like that," Lyon said.
"If he's right to play, he'll play.
"He missed (three) weeks prior to playing in Darwin (against Melbourne). It's probably not ideal. We would like to get him moving and play."
The pressure on spots is intense at the moment as Freo chase a ninth consecutive win this week.
Lyon said Colin Sylvia could play closer to goal this week in the absence of Ballantyne, but also cautioned that the former Demon needed to continue to perform to keep his place in the side.
"He's played five games and he's really delivering some pretty good efforts for us but he needs to continue to do that," Lyon said.
"No one is safe, really. We've got Stephen Hill to come back after the bye. Michael Walters on his way back, Matt de Boer, Tommy Sheridan, Garrick Ibbotson coming back - so there's pressure on for spots and performance and Colin sits in that basket."
