The former Brighton & Hove Albion defender has been sidelined since sustaining an injury against Manchester United at Old Trafford in January.
During the Europa League fixture, concerns arose late in the first half when Balogun was seen limping after clearing the ball away from Joshua Zirkzee.
He was subsequently replaced by Northern Irish player Ross McCausland, as Rangers went on to lose 2-1, courtesy of Jack Butland’s own goal and Bruno Fernandes’ late strike.
After missing four games for Philippe Clement’s side, the defender has shared an update on his fitness after being asked about his injury.
"I'm actually still recovering," Balogun told Flashscore.
"I'm in the last bit of recovery because I played injured two games, even the one against Man United.
"But from experience, I would say it's a great feeling, so I can't wait to be back on the grass very soon."
In Balogun’s absence, Rangers have won three of their last four matches, conceding just three goals as they continue their pursuit of Scottish and European success.
'Gers’ manager Philippe Clement recently confirmed that the Super Eagle is set to return to training in the coming days.
"I expect in a week, Dujon Sterling and Leon Balogun to be back. Ridvan (Yilmaz) is back already in training," he said as per Rangers Review.
"Leon King is also back in training after his conclusion, and the others, it’s a little bit longer.
"I don’t want to put one week on it because I don’t want to force my medical staff into a corner."
While unbeaten in eight league matches, they trail Celtic by 13 points, Balogun admits unpredictability has plagued their season.
Rangers lost the Scottish League Cup final to Celtic and exited the Scottish Cup in the fifth round. Regardless, he remains hopeful about reclaiming the title but acknowledges significant improvement is needed.
He continued: "We have performed well in Europe but struggled in the domestic league due to our inconsistency.
"We're behind in the title race, but hope is not lost. We can still fight to win, as the players understand what's at stake and will show it through hard work."
The German-Nigerian also reflects on the contributions of his Rangers and Nigeria teammate, Cyriel Dessers, praising his efforts despite facing criticism.
Despite scoring key goals for the Gers and being a crucial part of their attack, fans have raised concerns about his consistency and overall impact.
Balogun acknowledges Dessers' key role in the team's attack and emphasizes the importance of his contributions in both domestic and European competitions.
"He's been good. I don't think this season has been easy for him," Balogun added.
"But as I mentioned before, he has a lot of guts and big character, especially considering how tough the crowd has been with him. The way he's handled it, and the improvement in his recent form, deserves credit. Fair play to him."
Dessers is Rangers’ top scorer this season, with 14 goals in all competitions so far. He is expected to add to his tally when the Gers face Hearts in Sunday's top-flight match.
Earlier, Balogun - who had been sidelined from the Nigeria senior national team - acknowledged that returning to the squad won’t be easy.
He said: "Obviously, me wanting to come back into the team doesn't make it easier. But you need a good level of competition because we're talking about the Super Eagles and not just any team.
"You're talking about a team that wants to be the (best) in Africa. So, it needs to be hard to get into the team."
