The Fiorentina forward is expected to return from a knee injury in two months, giving him a chance of making Italy's squad for Brazil.
It had been initially feared that the 26-year-old had ruptured his anterior cruciate ligament for a third time when he was forced off in the Viola's Serie A clash with Livorno on Jan. 5.
Rossi was first ruled out for six weeks before a secondary prognosis suggested he could be out of action for far longer, putting his World Cup hopes in jeopardy. However, Fiorentina was able to issue a positive injury update on its prolific striker Tuesday.
"Giuseppe Rossi has recently completed a follow-up visit from knee surgeon specialist Richard Steadman," read a club statement. "He has shown good stability of his recently injured knee. The player will continue his fitness rehabilitation, which we expect to take two months."
The news will be a huge relief to Rossi, who is expected to be a prominent member of Cesare Prandelli's Azzurri squad for this summer's World Cup in Brazil.