The Italy international was initially expected to miss six weeks after breaking a metatarsal in his right foot in late January, however he is now not expected to feature until May.
El Shaarawy returned to light training this week, and the 22-year-old is targeting the final four games of the season to boost Milan's European push.
"I am really very happy with how the visit with the doctor went because the doctor told me it could not be any better, we have managed it perfectly," he told Milan's TV channel.
"So this week I will start with the ball and it will take two weeks to find the condition and be ready for squad.
"To be out for almost three months is not nice, I'm glad to be back running and I also did some dribbling so I'm happy.
"I hope to recover within three weeks to regain fitness, but I'm confident for the last month of the season and hope to make points to challenge for a European place.
"The goal is to help my team and to make it. The foot is healed and the fracture is no longer there, so now the only thing to do is to recover quickly."
