The 27-year-old has been sidelined for the past year due to a ruptured quad tendon in his right knee and had been targeting Jan. 29 for his return.
Pacers head coach Nate McMillan didn't reveal if Oladipo will start or come off the bench in Wednesday's contest but told reporters Tuesday that the guard will likely be on a minutes restriction until the All-Star break, according to Fox Sports Indiana's Pat Boylan.
"My belief is that I'm going to get back to my former self," Oladipo said after Tuesday's practice, according to Boylan. "I'm not saying that's going to be tomorrow night, but it'll happen."
A week after his season-ending injury last campaign, Oladipo was named an All-Star for the second time. He averaged 18.8 points, 5.6 boards, 5.2 assists, and 1.7 steals across 36 appearances during the 2018-19 season.
The year prior, Oladipo was an All-NBA third-team and All-Defensive first-team selection while also being named the league's Most Improved Player.
Indiana has managed to stay afloat during Oladipo's extended absence. The Pacers (30-17) are fifth in the East and sit 2 1/2 games back of the Miami Heat for the conference's second seed entering Tuesday's slate of games.