O'Connell has been absent this season after first undergoing back surgery during the summer and then breaking his thumb soon after his return to Munster colours.
But the second row has completed his recovery and has been named in a 35-man squad for a two-day training camp in Dublin.
Irish coach Eddie O'Sullivan also has Gary Longwell at his disposal despite the Ulster lock going off in the first half of Saturday's victory over France with a hamstring injury, while full-back Girvan Dempsey is again named despite a groin problem.
Ireland play Wales at the Millennium Stadium on March 22 bidding to keep their hopes of a Grand Slam alive ahead of the visit of England to Lansdowne Road eight days later.
The Ireland management will name a 22-man squad for the match next Friday and their team for Cardiff the following Tuesday