Hazard signed from Chelsea in June but missed a chunk earlier in the season due to a hamstring injury and has been out of action since November with an ankle issue.
The forward has been restricted to just 13 appearances across all competitions for Los Blancos, scoring one goal.
However, Hazard is now edging closer to making his comeback after returning to Madrid training on Thursday, running on the grass as well as performing exercises with the ball, according to the club's official website.
It seems unlikely that Hazard will be fit to feature against Real Valladolid on Monday, though Madrid will be hopeful of having the Belgium international back by the time Atletico Madrid visits Santiago Bernabeu on 2 February (AEDT).
Madrid was also boosted by the return of captain Ramos, who has not played since injuring his ankle in the Supercopa de Espana final, in which he scored the winning penalty against Atleti, though the defender did not work with the ball during Thursday's session.