Martin won't play in Friday night's crunch clash with West Coast and there is still no specific timeline on his return to action.
But the three-time Norm Smith medallist's reappearance at training over the last week has raised hope the Tigers could soon get their talisman back.
There is a chance Martin will be given the green light to play against Collingwood in round eight.
"We're really pleased to have him back on deck," top Tigers official Balme told RSN on Thursday.
"He seems to be in pretty good shape mentally.
"I think he's got himself over a lot of the issues that he's had, so we're very positive about what he's going to do, but that will work itself out.
"There's been no decision on when he plays, but it would be sooner rather than later, one would think."
Martin stepped away from football last month with Richmond's blessing.
The 30-year-old has been grieving the death of his father Shane, who died in New Zealand in December.
Martin returned to the Tigers' Punt Road headquarters on Saturday and has joined training with his teammates in recent days.
"We'd always had pretty close contact with him but we were just letting him run the show, to a degree, because it was all of his issues rather than ours," Balme said.
"We're just happy to see him.
"He's not saying much but he's pleased to be back and pleased to get back into routine, so that's all we need."
Richmond sit 12th on the ladder with a 2-4 record ahead of their meeting with West Coast in Perth.
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