Holmes suffered a severe Lisfranc injury during a match against the San Francisco 49ers in week four of the last campaign, forcing him to undergo surgery that ruled him out for the remainder of the season.
However, the 29-year-old was removed from the physically unable to perform list last month, and Colon revealed that the wide receiver was indeed nearing full fitness.
"Santonio is back. He looks good to me," ESPN quotes Colon as saying.
The Jets will play the Tampa Bay Buccaneers in their opening match of the season on Sunday.