Jose Mourinho is already short of options at left-back with Fran Garcia moving onto Real Betis and new signing Marc Cucurella still away on his summer break after Span's triumph at the 2026 FIFA World Cup.
Alvaro Carreras is expected to start off as first choice, as Cucurella gets up to speed, but Mendy is still an option for the months ahead.
The Frenchman underwent surgery in May and his initial goal was to return to action between September and October.
As per the latest update from Marca, Mendy has now returned to training at Valdebebas under Mourinho's watchful eye, but fellow long-term absentees Eder Militao and Rodrygo Goes remain out.
Injuries have been a constant issue for Mendy in the last year, but his progress points to the lower end of the recovery scale, and he could be given some game time ahead of September's international break.
If he returns to full fitness, Real Madrid may consider a sale in January market, due to the presence of Carreras and Cucurella ahead of him in Mourinho's pecking order.