Williams has missed the last five games since having cortisone shots and platelet-rich plasma injections in both of his ankles. The point guard practiced on Sunday in hopes of returning against the Knicks at Madison Square Garden.
"That's the plan," Williams said.
Coach Jason Kidd said Williams will be a game-time decision and that the team wants to first see how the point guard feels in the morning after practicing.
Williams has not played since Jan. 4 against the Cleveland Cavaliers. He has missed a total of 16 games this season due to ankle injuries.
The Nets have won six of their last seven games and went 4-1 during that stretch without Williams. Williams' return should provide the Nets with an offensive boost. The point guard is averaging 13.6 points and 6.9 assists this season.
"It'll be great, another guy who can really put pressure on the defense and make plays and help us out," Joe Johnson said of Williams' pending return. "Right now, we're really battling with one point guard, Shaun Livingston. If we get Deron back, that'll really mean a lot."
Last season, Williams underwent three sets of cortisone shots and a PRP injection due to inflammation in both ankles. After taking a week off to rest, Williams averaged 22.9 points and 8.0 assists in his final 28 games.
"It took me a while last year," Williams said when asked if he feels rejuvenated like last year. "It wasn't like it happened overnight. It was a little process but you know I'll only know until I go out there."
"Today, we didn't do much in practice for me to even tell," Williams added. "We didn't go up and down or anything so mentally it was just another workout today."
Kidd was asked if Williams will be on a minutes restriction upon returning.
"We won't roll him out there and play him 38 minutes," Kidd said. "So we'll see."