The 25-year-old midfielder has not played since fracturing his fibula against Strasbourg in the French Ligue 1 in September.
“I’ve returned to training and it feels good to be back,” Dolly told BBC Sport.
“Everything has gone well in terms of recovery and I made a positive return to training last week.
“The process [rehabilitation, training and regaining match fitness] is all part of football and you just have to keep a positive outlook.”
Dolly’s return would boost South Africa coach Stuart Baxter’s push for a ticket to next year’s Africa Cup of Nations.
In his absence, the 1996 African champions struggled as Nigeria upstaged them at home in November to pick Group E’s first Nations Cup ticket, with Baxter bemoaning the lack of some experienced players like the France-based star.
South Africa will now qualify for the Nations Cup if they beat or draw with Libya away in their final qualifier next March.
The Bafana Bafana international moved from 2016 African Champions Mamelodi Sundowns to French side Montpellier in January 2017 for a fee of around $2 million, making it one of the most expensive transfers in South African history.
Dolly, who has scored two goals in 14 appearances for his country, captained South Africa at the 2016 Olympic Games in Rio.
He played in all but one of Sundowns’ African Champions League matches in 2016 including the two-legged final against Zamalek.