The 29-year-old will play three quarters of the Giants' reserves team's practice match against an ACT Under 23 team in Canberra on Saturday, and hopes to build to a full game the following week.
He is considered to be four weeks ahead of schedule, which saw him play 15 minutes of the Giants' opening NAB Cup game against Carlton at Blacktown on February 24.
O'hAilpin said his next few weeks involved getting game time at either reserves or senior level with the aim to be ready for selection for the March 30 clash with the Sydney Swans at ANZ Stadium.
"I did it in round six last year and I've been tracking really nicely," O'hAilpin told AFL.com.au.
"I'm about four weeks ahead of schedule, which is really pleasing.
"I'm on a protocol, so to speak, so on the weekend I played in the reserves and played over two and a half quarters so this week I'm going to play again and hopefully get three quarters out, and then maybe four.
"Then I hopefully I could be out there for round one, or out there as quick as possible."
The Irishman injured his knee on debut for the Giants in round six last year.
He underwent a traditional reconstruction and spent the rest of the season in the rehabilitation group.
He has been given another one-year contract having proved his worth as an excellent clubman after ensuring he spent his time out of game helping the raft of younger Giants in their development.
Setanta O'hAilpin is a forward/ruck in NAB AFL Fantasy. He averaged 34 points in 2012. Register your team at our AFL Fantasy Hub.
Jennifer Phelan is a reporter for AFL Media. Follow her on Twitter @AFL_JenPhelan.
