The Wrestling Observer Newsletter reports that Cody Rhodes is said to be ahead of schedule in recovering from the torn pectoral muscle he suffered this past summer. He's currently working with DDP while he gets back into shape.
His day-to-day life is back to normal, but he can only use extremely light upper body weights.
As for a return to WWE, there is currently no date scheduled. It was previously rumored he could be back for the Royal Rumble. However, he may be ready by Day 1, which is in his hometown of Atlanta.