Holt suffered the injury in training three months ago and manager Gary Locke will not rush him back.
Locke tsaid on Tuesday: "Jason Holt started back training on Monday. He's been out for a long period of time and we're just hoping he doesn't react to the training.
"He got a good session yesterday and a really hard session this morning, so as long as he doesn't get any reaction to that then we'll maybe look at getting him a wee run in the under-20s next week."
Locke will be without suspended pair Callum Paterson and Kevin McHattie for the Scottish Premiership contest with Inverness as well as Jamie Walker, who is also out with a broken foot.