The 25-year-old, who sustained the injury during his side's defeat to the San Francisco 49ers, is hopeful that he will be fit for the start of the 2014 season after signing a new one-year deal with the Falcons.
Peters told SiriusXM NFL Radio: "Finally back to walking and feeling really good. Now I'm able to work out and lift now that I'm off the crutches. The goal is to be ready to go by the time the season starts.
"It just depends on how everything works out. When we finish with one step, we'll move onto the next one, and hopefully we'll have all the steps completed by the time training camp starts."
Peters recorded 46 tackles and five sacks last season.