Immanuel Feyi-Waboso should be fit enough to play for England in next month's Nations Championship matches.
The 23-year-old limped off in the second half of Exeter's win over Newcastle earlier this month and has missed their past two matches.
But after scans over the weekend he has returned to training and could feature for Exeter in Saturday's Prem clash with Harlequins.
Feyi-Waboso missed this year's Six Nations after injuring his hamstring in January but was a key part of all three of England's Nations Championship games over the summer and crossed for tries against Fiji and Argentina.
"He's an international quality player, it'd be fantastic to have him available, so let's cross fingers and hope that things keep progressing at the rate they are," Baxter told BBC Sport.
Positive news for Hooper
Baxter has also been boosted by the news that the shoulder injury sustained by Australia forward Tom Hooper in Saturday's defeat at Bristol is not serious.
Hooper came off shortly before half-time against the Bears having fractured his scapula over the summer.
But the 25-year-old could be available for the Harlequins match and will be fit to play for the Wallabies next month - Australia will play England, Scotland and Wales in the Nations Championship.
"I think our prognosis at this stage is that it's been a bang, a hard bang on that fracture site that has created a pain and a numbness and a lack of mobility for hopefully for a restricted period and that we can assess him day by day now," said Baxter.
"But the one thing that's really important is there's been no catastrophic injury there, so we'll monitor him day by day and we'll see what we can get to by the end of the week."