The 38-year-old required surgery to reattach the muscle in his hamstring after suffering an the injury during the third Ashes Test against England in Adelaide in December.
Lyon has already started bowling after an intense rehabilitation program and is eager to resume against batters during a series of training camps in Brisbane next month.
Speaking to media, Lyon said: "(I'm) absolutely flying. I feel really good, really confident … very happy with the way it's gone.
"It's been a lot of hard work, there's no point in hiding behind that, a lot of long days and stuff, but that's all been part of it."
"It was a pretty traumatic injury. It just puts that hamstring under extreme stress and you're having to withstand pretty high forces.
"We've got physical markers that we check along the way and there's checkpoints to make sure it's going well and so far he's hit all of them."
Lyon has 567 wickets in Test cricket, second only to Shane Warne for Australia, and could push for 600 mark with plenty of red-ball cricket on the horizon for Australia.
The spinner insists he has not contemplated retirement and is determined to get back to his best in the coming months.
He added: "I was sitting there with my wife and I literally said, I'm not ready to give up this, I'm missing this right now.
"Honestly, I felt like, before I blew my hammy off, I was probably bowling the best I've bowled in about six years. Now I know what I need to do to get to that standard. I'm really excited by that challenge."
Cooper Connolly produced the finest innings of his international career to drag Australia to a thrilling one-wicket victory over Bangladesh in the third ODI in Mirpur, preventing a series whitewash despite a remarkable late collapse.
South Africa's Women's T20 World Cup campaign began with a disappointing 65-run defeat to Australia as a record chase proved beyond them.
Bangladesh are savouring a first series victory against Australia after beating the visitors by five wickets in the second ODI in Mirpur.
Bangladesh beat Australia in an ODI for the first time in 21 years after a crushing 86-run victory (DLS method) in the first game of the three-match series in Mirpur.
