The Welsh winger has missed three games in all competitions for Spurs since injuring his hamstring against Fulham, while Michael Dawson and Scott Parker are also in contention
The 23-year-old pulled his hamstring at the start of December against Fulham and subsequently missed the club's matches against Panathinaikos, Everton and Swansea City.
"It's good news," Villas-Boas told reporters when questioned about Bale's recovery. "First for the player because he wants to be back in the group and he's made a tremendous recovery. He's worked extremely hard."
Michael Dawson was also forced off in the match against Fulham but is available for selection again, though defender Benoit Assou-Ekotto is unlikely to feature.
Scott Parker continued his rehabilitation with an outing for Tottenham's Under-21s, scoring in a convincing 3-0 win over Aston Villa on Monday evening.
"Michael was injured in the same game as Gareth and they've both returned to training," the Portuguese head coach continued. "It's great to have them back.
"Benoit Assou-Ekotto is also recovering his fitness, along with Scott Parker. Scott is a little ahead of Benoit but he's getting back into shape and back into contention."