The 24-year-old was expected to be ruled out for the rest of the season when he sustained a cruciate knee ligament injury in the 1-0 win at Accrington in October, but has made good progress during his rehabilitation and manager Gary Mills has not ruled out a quicker-than-expected comeback.
"Michael has been coming along nicely," Mills said. "We're hoping he could be back in action in March and that would be a terrific boost for us.
"He was doing really well for us until he picked up a nasty knee injury and he could be like a new signing if he keeps progressing the way he is.
"If we can get him back for the last six weeks of the season it would be great for us and him. He's got lots of ability and had been scoring goals for us."
Coulson, who started out at Scarborough, joined York last summer after turning down a new deal at Grimsby, where he had spent the previous two and a half years.
It is not the first time Coulson has suffered a serious knee injury. He ruptured an anterior cruciate ligament while at Barnsley in 2008 and suffered a recurrence of the same problem shortly after his comeback.