Velasquez had been sidelined by a bruised right forearm. He is slated to start Wednesday night against the New York Mets.
The 26-year-old Velasquez was hit just below the elbow by a line drive off the bat of Washington's Adam Eaton on June 30. He retrieved the ball and threw left-handed to first for the out, then fell to the ground in pain.
Velasquez was placed on the disabled list July 1 and missed just one start. He has made four trips to the DL in his three seasons with Philadelphia.
Enyel De Los Santos was optioned to Triple-A Lehigh Valley on Tuesday night after throwing 6⅓ effective innings to earn a win over the Mets in his major league debut. The 22-year-old prospect is eligible to play for the World Team in Sunday's All-Star Futures Game.