The Blancos have had to make do without Jovic since the resumption of the 2019-20 campaign on June 10.
A man who arrived at Santiago Bernabeu for €60 million (£55m/$68m) from Eintracht Frankfurt last summer broke quarantine rules during the coronavirus-enforced break in the season.
The 22-year-old was forced to apologize for flying home to Serbia in March, and he angered club officials once again after reporting for training in May with a fractured foot.
During his time in recovery, Jovic posted an image of himself enjoying a barbeque with friends in Madrid while wearing an orthopaedic cast over his injury.
The striker was forced to go back into quarantine for two weeks after one of his friends later tested positive for coronavirus, leading to more questions over his future at Santiago Bernabeu.
Jovic has endured a miserable first season in the Spanish capital, scoring just twice in 25 outings across all competitions.
He has been strongly linked with a move away from Madrid this summer, but could yet have the chance to turn his fortunes around after testing negative for Covid-19 for a third successive round of testing.
Zinedine Zidane welcomed Jovic back into full training on Tuesday, and he will now be available for selection when the Blancos take on Villarreal at the Bernabeu on Thursday.
The Serbian frontman could now be in line for his first appearance since February, having faced plenty of criticism for both his attitude and performance levels throughout the season.
Club legend Predrag Mijatovic questioned his commitment to the club's cause last month, telling Cadena Ser: "It looks like he hasn’t understood the principal idea - the idea of succeeding at Real Madrid."