Bledsoe was originally diagnosed with a sprained knee suffered in a win over the Clippers on Dec. 30. However, surgery was required on Jan. 10 to repair torn cartilage in the knee.
Bledsoe was a key part of the Suns' early-season success as he and fellow point guard Goran Dragic teamed to create a high-octane offense that was 19-11 at the time of Bledoe's injury.
Without Bledsoe, Dragic and the Suns have managed to remain in the Western Conference postseason hunt, sitting one game back of the eighth and final playoff spot at 36-27.
While Bledsoe is excited to return to the overachieving Suns, he said he's not sure how much action he'll see Wednesday night against the Cleveland Cavaliers.
"Coach [Jeff Hornacek], he told me he was going to play me how I feel," Bledsoe said. "Whether that's 30 seconds, a minute or five minutes, he said he's going to play me how I feel. The only way I can do that is by going out there, so we'll see."