Jones hasn't featured since his country's November 10 defeat to Argentina in Cardiff and has so far missed the Millennium Stadium Tests against Samoa, New Zealand and Australia and a further five Heineken Cup and PR012 games for the Ospreys since the end of the international break.
With Warren Gatland looking to name his Lions squad to tour Australia at the end of April, even the smallest of setbacks in Jones' recovery could have been damaging to his hopes of a spot on the plane Down Under.
But the 27-year-old has confirmed that all is going well and that he should still be back in action in late February or early March, giving him a couple of months to press his claims for a second successive tour.
"Rehab is going well and I'm on track, so I've just got to put the hard work in now," said Jones, who played in all three Tests when the Lions headed to South Africa four years ago.
"I'm in good hands with the Ospreys medical and conditioning teams and I know they'll look after me.
"I'm itching to get back involved but when exactly that will be is down to how the next few weeks go."
Ospreys physio Chris Towers initially stated that Jones would be unavailable for between 12 and 16 weeks post-operation, meaning he will almost certainly miss the opening Six Nations fixtures against Ireland and France.
He could still return in time for the trip to Italy on February 23, however, and is expected to definitely be ready to feature in the games against Scotland and England on March 9 and 16 respectively.