Espargaro underwent surgery to repair his right thumb ligament following a crash during free practice prior to the French GP at Le Mans.
The Spaniard was given the all-clear to race at Mugello following an ultrasound on his hand, but further evaluations will be done on a daily basis to gage how much pain he is in and if his ability to ride is being compromised.
"I'm happy because doctors said the recovery process is positive and I definitely want to try to race," Espargaro told reporters. "The crash in Le Mans was one of the worst in my career; I suffered a lot of pain and also my right thumb ligament got broken.
"Dr. Mir and his colleagues did a great job with the surgery, everything went well and my recovery has been good. I don't feel 100%, but I definitely want to get back riding and join my team for the race in Italy."
While Espargaro admitted that Mugello is one of the toughest circuits on the MotoGP calendar, he believes that he can use the fast track to his advantage and is hopeful of bettering his career-best eighth place finish at the venue.
"This race will be tough, Mugello's straight is so long and we will probably suffer a little on top-speed, but at the same time the track in its whole is very fast and on this matter our chassis can make a real positive difference," he said. "I like fast tracks; this will help me get over this injury and make for a positive weekend."