The Colombian winger missed Inter's opening game in the Champions League, a 1-1 draw at Real Sociedad, along with the last three Serie A games, but will be in the squad to face Benfica on Tuesday.
"He trained today. He had a tendinitis problem and returned to the group after two days of training separately. He has worked well and is included in the squad," Inzaghi told reporters.
"Then we'll see if he plays from the beginning. He is a very important player and I'm counting on him for the next games."
Inzaghi also gave an update on Stefano Sensi and Davide Frattesi, both out with muscle strains. Frattesi missed Saturday's 4-0 win at Salernitana while Sensi has not played since August.
"Neither player is available for tomorrow. Sensi we will have back after the international break," Inzaghi said.
"For Frattesi we are evaluating to see if he can be available for Bologna (on Saturday). There was some hope for Benfica but we preferred not to risk him."
Inter defeated Benfica 5-3 on aggregate at the quarter-final stage of last season's competition, on their journey to the final, and Inzaghi is expecting another tough contest.
"They are a great team. They changed a few players, they have a new goalkeeper (Anatoliy Trubin) and they also have Angel Di Maria.
"They may have more quality but the principles of their game have remained the same. We know we will have to play a very intense game."
In their respective domestic leagues, both Inter and Benfica have won six out of seven games, but both failed to win their opening group game in the Champions League with Benfica losing at home to Red Bull Salzburg.
