The Fremantle coach said the small forward will be full training in just over a month.
"For our fans and members he's on his way back and he'll certainly be playing," he said.
Walters hurt his left ankle in round 3 against Hawthorn and was ruled out for up to 16 weeks after he underwent surgery.
Despite a lengthy period on the sidelines, Lyon is confident 'Son Son' can step straight back into the main side.
"He's fit as a fiddle, he's boxing and (doing) weights," Lyon said.
"Once you're back training it moves really quickly form there,
"We feel quite fortunate that he'll play again this year."
