The Colombia international has been sidelined since early February after he required surgery on a broken metatarsal injury sustained in a 2-1 victory against Sevilla.
Rodriguez, who moved to the Santiago Bernabeu in a big-money move from Monaco in July, has been working on an individual plan in recent weeks and was able to take part in a group session with those that are not away on international duty.
Real have struggled in recent weeks and having Rodriguez available for the run-in would be a boost to Carlo Ancelotti's side, who trail Barcelona by four points in La Liga after losing 2-1 to their rivals in Sunday's Clasico.
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.