The 32-year-old was put through the paces for the first time since suffering a hamstring strain against Real Sociedad a couple of weeks ago and is close to making his comeback.
The news comes as a welcome boost for Atleti who return to Champions League action on Feb. 19 with a trip to San Siro for a last-16 tie against AC Milan.
Villa picked up in the injury in Atletico's 4-0 victory over Real Sociedad and returned to training on Thursday after missing a couple of weeks of action, including the Copa del Rey semifinal defeat to Real Madrid and La Liga loss to Almeria.
The 32-year-old is seen as a vital part of Diego Simeone's plans, but the chances of him being rushed immediately back into the first team for this weekend's clash against Real Valladolid are slim and is likely to start on the bench, according to reports in Spain.
Another first-team star, goalkeeper Thibaut Courtois, is still sidelined with back spasms and will not makes his return this weekend, while fullback Javier Manquillo is out after sustaining a neck injury against Madrid.
Third-placed Atletico will be hoping to put its slight dip in form in the past when it hosts Valladolid on Saturday.