Hard-running Walsh had appeared in doubt for Friday night's opening-round clash with Brisbane after tweaking his back, a long-running issue, in February.
The injury scuppered the end of his 2022 season and the start of Walsh's 2023 campaign, while he had recently been training away from Carlton's main group.
The Blues confirmed in their injury update on Monday that Walsh was "increasing loads as part of his modified training" with an update on his progress to be provided after the round-two bye.
Carlton play Richmond on March 14 then have 15 days until their next game against North Melbourne, and insist Walsh will be reassessed during that bye - created due to the Blues playing in opening round.
In that window, the Blues will also reassess key defenders Jacob Weitering (calf) and Caleb Marchbank (illness).
Small forward Jesse Motlop will also miss the Lions clash with a jarred toe suffered in Carlton's practice match against Melbourne.
Motlop is expected to miss one-to-two weeks.
Losing the brilliant Walsh, 23, is a hefty blow to Carlton.
After he returned from injury in round five last year, Walsh averaged 28.6 disposals and was a crucial player in the Blues' run to a preliminary final.
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