Collins has missed the best part of a year with an Achilles injury but manager Alan Knill hopes to have the 26-year-old Irishman at his disposal again soon.
"Michael has trained with the kids (youth-team) this week. So far there has been no reaction and we are all hopeful that continues," Knill told The Iron Player. "Speaking to him, he thinks he will be back with the first-team next week. So we give him a week with the kids; then back with us the week after if all goes well.
"Then obviously he is going to need a game or two before he is in contention. But for us it is like signing a new player."
Knill, whose side are back in the bottom four of npower League One following Tuesday night's 3-1 home defeat to Tranmere, also revealed that fellow midfielder Damien Mozika is also making good progress after missing all of the season so far with an ankle injury.
"Damo is on the grass. He has been striking balls this week, so we think he is a week or so behind Michael," said Knill. "So for us it is like signing two midfield players. It gives us unbelievable competition in the middle of the park, but not just that it allows us to play a different shape if we want to because we have unbelievable strength in there - not just attacking but also defensively."