The team said in a statement that the nine-times world champion had undergone a medical at the Mugello circuit on Thursday afternoon.
"Fans from all over the world can breathe a sigh of relief," it added, saying that medical heads representing the circuit, federation and series had all declared the 38-year-old to be "in a suitable condition" to race.
Rossi, third in the championship after five races, will be on track in free practice on Friday.
MotoGP organisers said he had been excused attendance at a scheduled news conference on Thursday in order to "minimise his commitments during the weekend" after the crash during training in eastern Italy.
The Italian, who spent a night in hospital last week, had said on Wednesday that "the pain in the abdomen and in the chest is still severe" but his condition was improving day by day.
"It will not be easy but I still have a few days to continue the treatment," he added. "If all is well, I will ride my YZR-M1 on Friday to really understand my condition. I will do my best to be on track Sunday."
Rossi is 23 points behind his Spanish team mate and overall leader Maverick Vinales in the championship.
(Reporting by Alan Baldwin in London, editing by Pritha Sarkar)
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