The England midfielder had operations on both knees under the guidance of renowned specialist Dr Richard Steadman but after returning to Manchester United's Carrington training complex in September had been expected to return to action within a couple of months.
Instead, a comeback has been repeatedly delayed, with suggestions in the last couple of weeks that Hargreaves was out for the season and had informed England coach Fabio Capello he would not be available for this summer's World Cup.
However, Ferguson revealed some optimistic news on Hargreaves ahead of Saturday's clash with Wolves, confirming an outing against Manchester City's second string at Altrincham's Moss Lane ground was now on the cards.
"Owen Hargreaves has shown for the first time that he is almost ready to play," said Ferguson.
"He has been training with the first team, which has been good to see and is pencilled in for a game with the reserves on Thursday."
There was further good news, with Ferguson revealing Italian U21 international Federico Macheda was about to start training again after a recent injury, which, given Owen's injury and the fact Danny Welbeck has joined Preston on loan until the end of the season, could offer United a solution to their striker problems.
"They are dropping off at the moment but we have got some encouragement with players coming back," said Ferguson.
"Macheda starts training with the first team again next week which is also good news, particularly considering the loss of Michael.
"He is a good player to have back.
"So we have had some disappointments with some, and light at the end of the tunnel with other players."