And Wolves manager Mick McCarthy is hopeful the 24-year-old will be able to be part of the club's pre-season trip to Ireland starting on July 14.
Kightly, signed from Grays Athletic for just £20,000 in January 2007, played a major part in Wolves gaining promotion back to the Premier League.
His injury nightmare started when he broke his foot in March 2009, and he returned last September only to require ankle surgery which kept him out for two months.
He then suffered a patella problem and was sidelined for the second half of the campaign, but has started work on an anti-gravity treadmill to bolster his recovery.
McCarthy is keen for him to join up with the squad for the Ireland trip, which includes a friendly with Bohemians on July 17, and the same applies for left-back Stephen Ward, who is recovering after undergoing clean-up surgery on a cartilage problem at the end of last season.
McCarthy said: "Michael is training on the 'AlterG' (anti gravity treadmill). He's doing his programme and that won't be altered.
"He'll have two weeks (rehabilitation work) before joining us and it's the same with Stephen Ward. They'll be coming with us to Ireland. We're taking everyone."
Ward, who will be 25 in August, was another McCarthy bargain capture from Bohemians for just £100,000.