The 23-year-old, who finished eighth in the Cats' best and fairest last year, had his 2014 campaign thrown into disarray when he had back surgery in February.
But Christensen has been training strongly with the main group in recent weeks and he has now been given the OK to make his competitive return.
"It's fantastic news for everyone here at the club and the supporters," club physio Mike Snelling told CatsTV.
"He's a much-needed player.
"He's been looking fantastic on the track lately, and his fitness has improved dramatically.
"So hopefully he will get out there in the VFL this week, get a bit of match practice, and before long we'll see him playing in the AFL."
Midfielder Josh Caddy, who broke his foot in mid-April, will also be given the chance to prove himself on the track on Wednesday, with a return via the VFL on the cards.
"He's sort of touch and go for this weekend," Snelling. "We might wait one more week but we'll wait and see how he goes by the end of the week."
In further good news, star defender Andrew Mackie, who was subbed out of the big loss to the Sydney Swans last Thursday after being kneed in the back, should be fit to take on Carlton on Friday night.
"We were concerned about his back," Snelling said. "He had a little bit of spasm there.
"But also we were concerned initially about his kidney. That's come up really well, thankfully, so there's no issues there.
"He was a little bit stiff for a day or two afterwards, but he's progressed very well this week."
Mackie will be put through a fitness test when Geelong holds its main training session for the week at Simonds Stadium on Wednesday.
"Hopefully, fingers crossed, he comes up," Snelling said.
