Russell suffered the injury on New Year's Day during the Sky Bet Championship defeat to Wigan at the iPro Stadium.
He had the operation the following day and took part in some light training with the rest of the Rams squad last week.
The 23-year-old Scot has now received the all-clear from a specialist and will hope to be included in the squad that travels to Blackburn on Saturday, although for the foreseeable future he has to wear a protective mask during training and matches.
"What a great time it is for us to have him back; we're delighted he's with us again so quickly," Derby coach Eric Steele told the club's official website.
"He is another option to play out wide or through the middle and that only adds to what is some great attacking talent in the squad.
"The specialist is happy with how the cheekbone has healed so that is a big positive for us.
"He's young and brave so it's no problem for him getting back into training and games."
Steele also eased concerns over the fitness of right-back Andre Wisdom.
The England Under-21 international, on loan from Liverpool, was substituted midway through the second half of Saturday's 1-0 home win over Brighton after feeling some discomfort in his hamstring.
Steele said: "Andre is fine and will be training this week.
"He had a feeling in his hamstring that he might have tweaked it and he was sensible to come off straight away.
"It is the time of the year where players have played a lot of games and might have feelings like that.
"Andre will have a little bit of TLC and he'll be back working on Tuesday ahead of Thursday and Friday's sessions."
- Sports & Recreation