The experienced defender is one step closer to making his comeback as he has joined his team-mates in training after a six-week absence
The 29-year-old last featured for the Santiago Bernabeu side in their 3-2 away loss against Malaga on December 22, and has since been out of action.
Pepe went underwent surgery in early January to shake off the ankle injury, and is now one step closer to making his comeback.
The former Porto star is unlikely to make the match squad for this weekend's La Liga match against Sevilla, but is expected to be back to full match fitness shortly.
Pepe has made 24 official appearances for Madrid so far this term, scoring twice in the process.