The RFK Racing co-owner suffered the injury a week out from Christmas during a family holiday when he slipped on ice and subsequently underwent surgery.
The injury meant he missed the season-opening Clash at Bowman Gray Stadium, where he was replaced by Corey LaJoie.
There were fears Keselowski might not make the Daytona 500 given the nature of the injury and short lead-in time to the crown jewel event.
Keselowski completed a test at Charlotte Motor Speedway on Tuesday and a medical evaluation to ratify his return.
“Getting cleared was a huge moment for me,” said Keselowski.
“You put in the work, you trust the process, but until you hear that final ‘yes,’ nothing is guaranteed.
“Knowing what Daytona means, and how hard it would have been to miss it, made this moment even bigger.
“I’m grateful to the medical team and to NASCAR for being thorough, and I’m excited to get back in the car.”
The stock car racing veteran has 36 wins to his name and the 2012 NASCAR Cup Series crown, but the Daytona 500 remains elusive.
“The Daytona 500 is the most coveted race we have. The history, the names on that trophy, it speaks for itself,” he said.
“I’ve won at Daytona, but I haven’t won the 500, and that’s always been one I want.
“After everything it took to get back to this point, having another chance at it means everything.”
According to RFK Racing, an X-ray showed “remarkable healing” that gave doctors the confidence to green-light Keselowski to get back behind the wheel of a stock car.
“Brad approached his recovery the same way he approaches racing; with focus, commitment, and attention to detail,” said RFK Racing president Chip Bowers.
“His drive and determination to be healthy and ready to compete in the Daytona 500, just eight weeks after his injury is inspiring to everyone at RFK Racing.”
The Daytona 500 takes place on Monday, February 16.
RFK Racing is vying for its third Daytona 500 win. Matt Kenseth won the 2009 and 2012 editions for the then-known Roush Fenway Racing.
Across 16 starts, Keselowski’s best Daytona 500 finish remains third for Team Penske in 2014.
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