The 30-year-old has played just five games since the 2011-12 season because of a surgically-repaired knee and now calf injury.
The Pacers, who have not rushed his return this season because of their league best 20-3 record to start the 2013-14 campaign, are now set to welcome back Granger against the Rockets on Friday.
"I finally have news on Danny Granger. We're going to target next Friday," IndyStar quotes Pacers coach Frank Vogel as saying.
Vogel is likely to ease Granger back cautiously and not give him many minutes to begin with.