Scharenberg, pick No. 6 in last year's draft, had surgery on both his feet in February and has slowly built up his running program over the last couple of months.
The 18-year-old missed the end of his season with SANFL club Glenelg, and also sat out last year's NAB AFL Draft Combine, as he battled sesamoiditis and the problems flared up again in his first AFL pre-season.
Provided Scharenberg gets through training on Friday, he will be raring to go for the Magpies' VFL game against Frankston on Sunday afternoon.
The Magpies have pencilled Scharenberg in to play a half of football, confident his work over the past two months – particularly over the last three weeks – will give him the sufficient fitness base.
He is unlikely to be considered for senior selection this year as the Magpies have opted to take a long-term view with his development.
Scharenberg will be returned from the club's long-term injury list to the senior squad, while key defender Jack Frost – who was originally promoted for Scharenberg – has now been upgraded for veteran ruckman Ben Hudson (shoulder).
Mature-age rookie Kyle Martin was upgraded to the club's primary list on Thursday afternoon, replacing Nathan Brown who had season-ending shoulder surgery in May.
Martin is almost certain to be picked for Sunday's clash against Adelaide at the MCG, following some stellar form at VFL level.
Collingwood has made the 23-year-old earn his opportunity on the senior list, despite averaging 26 disposals at the lower level this season.
To illustrate Martin's dominance at VFL level this year, opposition teams are sending heavy tags his way to try to curb his influence.
Martin has played four senior games for Collingwood after making his debut against the Brisbane Lions in round 10 last season.