Valencia has been out of action since September, when he suffered a ankle injury against Rangers in the Champions League.
Ferguson has revealed that the 25-year-old could make his first team return by the end of February.
“Valencia is doing well now. He has started his running programme and is out with the physios every day, which is a big step forward,” Ferguson said on Sky Sports News.
“He has been given the all-clear from the doctors and so he is under our full control now which is great news.”
He added: “I think possibly towards the end of February he should be back in the first-team squad which is a big boost to us and something to look forward to.”
