After a three-week hiatus, the Rebels host the Reds at AAMI Park on June 29 with O'Connor hoping to get the green light from his specialist on Tuesday.
They are also likely to have fellow Wallaby Kurtley Beale back from a shoulder injury which also sidelined him for the internationals.
"Recovery's going really well - I'm running at 75 per cent which is a pretty positive sign," O'Connor said on Friday.
"I've got a scan on Tuesday so, if all goes to plan, it will determine my immediate plan but, hopefully, I'll be playing against the Reds and pulling on the gold jumper for the Rugby Championship."
O'Connor has been in the Wallaby camp but has been restricted to non-contact training.
He said it had been a frustrating time.
"It's been pretty tough to watch them play but the bonus has been I've still been able to be around the group."
The 21-year-old said he was determined to slot straight back into a play-making role with the Australian team.
"I haven't made any secret about that. I want to come back in and be a ball player and, hopefully, I'll get a few games under my belt so, hopefully, I can slot into that area."