The 2018 World Cup winner has been on the sidelines since suffering a dislocated elbow during his team's 3-0 defeat to Brighton & Hove Albion at the start of October.
Mourinho said during Friday's press conference that the club's number one goalkeeper was back with the first-team squad and on course for a return in the early stages of next month.
"I said February a month ago. If you say late or early, I'd say early [February]. Things are going well, getting his confidence back, he's training so I'd say he's one of our new players," Mourinho told reporters.
Paulo Gazzaniga has deputised for Lloris between the sticks, but the Argentine has only kept one clean sheet in 16 Premier League appearances during the current season.
Tottenham will face Watford and Norwich City in their next two Premier League games before finishing January with a trip to Southampton in the fourth round of the FA Cup.