Michalak ruptured knee ligaments in the opening moments of the 29-0 league win over Stade Francais back in March.
He missed out on the knockout stages of his side's historic fourth Heineken Cup title as Toulouse beat Stade, Leinster and Biarritz Olympique on their way to glory.
Toulouse boss Guy Noves stated at the time that it would take 'a year to come back to his best level', although the 27-year-old's return to training suggests he could be back playing in the near future.
It is still unlikely, however, that Michalak will feature in the opening two rounds of this year's Heineken Cup when Toulouse face London Wasps on October 10 and Newport Gwent Dragons on October 16.
But the back-to-back clashes with Glasgow Warriors in December could well see Michalak back in European action for the first time since January.