"I think he's ready," Van Gundy told reporters Monday. "Our decision now -- Steve [Blake] has been playing well, and our bench has actually been good the last three games -- it's a matter of timing and when we want to go to him. He's ready to go now.
"It's not easy after 11 months off."
Blake, who was acquired in a trade from the Brooklyn Nets in July, said he's ready to move into a backup role when Jennings returns.
"That was an understanding of mine coming here," said Blake, who is averaging 4.4 points and 3.1 assists this season. "Coach Van Gundy and I talked about that. When he [Jennings] comes back, the chance of me going to the bench and him playing at some point was an understanding of mine. When that time comes, that's fine with me.
"It's a team thing. I don't see him and I as a competition. We're teammates playing against other people."
Jennings played in one game for the D-League's Grand Rapids Drive, scoring 11 points and doling out 12 assists in 27 minutes on Thursday.
He has averaged 16.6 points and 6.2 assists during his six-year NBA career.