Sanders was sidelined for more than two weeks following the first preseason game against the New York Jets, but he was a full participant in practice Wednesday and Thursday as preparations for the Lions began.
"It's just one of those injuries you don't want to risk it in camp, so I attacked the rehab and I'm back, ready to go," he said Thursday.
Sanders, 25, is projected to be the lead back for an Eagles team that paced the league in rushing with 160 yards per game last season. He finished with 754 yards on 137 carries (5.5 yards per attempt) over 12 games last season, missing time with ankle and hand injuries.
Entering the final year of his rookie contract, Sanders has described this upcoming season as "a little personal" and said he's out to "get the respect I finally deserve."
"Miles is our guy," offensive coordinator Shane Steichen said. "We feel really good about that group, but to add another talented player like [Sermon], it'll be good for us."