Jones suffered the injury in Wales' Six Nations defeat by France on 18 March and was ruled out for the six weeks.
The 31-year-old has been included in the British and Irish Lions squad to tour New Zealand this summer
"We'd like him back as soon as possible, but we won't put him in harm's way," said Tandy.
"When he feels he's right and the medical team feel he's in a good place to go and play then he'll play.
"He'll be fit for the tour. There's a couple of things he has to check off along the way, but everything the physios are throwing at him is sticking.
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"He's in a real positive space, done a bit of lifting last week and we are monitoring him day by day."
Ospreys face Ulster and Scarlets in their final two games of the regular Pro12 season and currently occupy the final play-off spot.
Jones is one of four Ospreys' players to have been called up by the Lions, along with flanker Justin Tipuric, fly-half Dan Biggar and scrum-half Rhys Webb.
"All four guys will be fired up for a Lions tour, but you know those four guys will be desperate to represent the Ospreys," Tandy told BBC Wales Sport.
"They've come through our system and that gives us even more pride.
"It's great for the region and for any young kid playing in the Ospreys region it proves that being here you can go on and achieve your dreams."
Ospreys lock Alun Wyn Jones will not be rushed back into action as he recovers from a shoulder injury, says head coach Steve Tandy.