The keeper suffered severe head injuries after a horse-riding accident in May and was sedated twice by medics, with great concern over his long-term health.
Rico collided with a horse and was left in a coma, with it said earlier this month that he was improving but "remains in a serious condition".
Now, his wife, Alba Silva, has told Spanish media Telecincothat Rico has regained consciousness and is on the mend.
"We can finally see the end of the tunnel. We’re going there step by step. I knew from the beginning that he would get through it because he’s a champion,” she said.
PSG players paid tribue to Rico with special t-shirts before the end of the season, while his family have said they will restrict updates to major developments only.
Rico will remain at the Virgen del Rocio Hospital in Seville, where he's being treated. It's reported that he made signals towards family members but his wife said "We need to be patient" when asked if he recognised them.