Fallon has been sidelined since a knee ligament injury, sustained in manager Mark Robins’ first game in charge against Colchester in October, cut short his previous spell.
The 33-year-old Kiwi had scored three goals in four league games for the Iron after signing a short-term deal at the end of September.
“I’m pretty much ready to go,” well-travelled Fallon – Barnsley, Swindon, Swansea and Plymouth are among his former clubs – told the Scunthorpe Telegraph.
“I’ve been in the gym almost every day, I haven’t had many days off – even when I went to America I was still doing gym stuff.
“I’m coming up to the eight-month mark now (since suffering the injury), which is usually the time you should be ready.
“I’m just doing the stuff I need to do to get ready for pre-season at Scunthorpe.
“The gaffer has said to come in pre-season and if I do well, there may be a contract for me.
“There are no promises – I know the nature of the game.”