Rossi underwent surgery in Ancona, in eastern Italy, on September 1, a day after a crash in training, discharging himself from hospital the following day. In under three weeks since the accident the Italian's team, Movistar Yamaha, confirmed that he completed "a few laps" at the Marco Simoncelli Circuit on Monday.
"Tomorrow Rossi will undergo a medical examination - to verify the positive rehabilitation progress experienced in today's session - after which he will make a final decision on his attempt to take part in the Gran Premio Movistar de Aragon".
The surgeon who operated on the nine-time world champion predicted a recovery time of well over a month, with Rossi expected to be sidelined for around 40 days that would effectively end his championship hopes.
"Fortunately, yesterday I had a good test with my YZF-R1M in Misano", Rossi said. The Italian will decide by Wednesday if he will ride in Aragon.
"At the end I decided I will leave for Aragón and will try to ride my M1 this weekend", Rossi said in a statement on Yamaha Racing's website.
"I was told he felt a lot of pain in his right leg, but he could not determine in so few laps whether a return at Aragon could be possible", he said.
In order to compete, Rossi will still need to complete a mandatory medical check by the circuit's Chief Medical Officer before he's declared fit.