Bellamy underwent surgery last October in a bid to resolve a troublesome abdominal injury.
Alan Curbishley's squad has been plagued with injuries this season, but there does now appear to be light at the end of the tunnel.
Bellamy is running once more, while fellow forward Bobby Zamora has also returned to training following a knee injury.
"Bellamy is running," Curbishley said on the club's official website.
"Slowly they are coming back which is great for us but we need everyone back now.
"We are hopeful he is going to be not too long. In the first game of the season against Manchester City, Bellamy and Zamora started up front.
"They both look as if they are going to start full training together."