Schultz has missed the past 53 games after fracturing his left leg on Oct. 13. He'll be a game-time decision for Saturday's contest against the Calgary Flames.
The 28-year-old Schultz tallied four assists in four games this season before the injury.
His return to action comes as the Penguins occupy the second wild-card spot in the Eastern Conference. However, they're just three points up on the Carolina Hurricanes after going 4-5-1 in their last 10 games.