He has not played since breaking his left collarbone Oct. 14 against Iowa State.
The injury occurred on a dive into the end zone after a 53-yard scoring run. The dive came after the 6-foot-2 inch, 218-pound junior from Palestine, Texas, was tripped by Cyclone cornerback Chris Singleton.
After the dive, Peterson landed awkwardly, which caused the injury.
"He's cleared to play," Coach Bob Stoops told reporters Friday after Peterson returned to practice. "We're going to give him more as we lead up to the game and (I) fully expect him to play. He's anxious to play and wants to."
Stoops said Peterson could have returned when the Sooners beat Nebraska, 21-7, Dec. 2 in the Big 12 championship game.
Peterson has scored 10 touchdowns on 168 carries for 935 yards this season.