Ray underwent successful surgery Nov. 24 to repair the torn labrum in his right (throwing) shoulder as well as a small tear in his right rotator cuff. The Argos said the usual recovery time from this procedure is approximately six months.
Argos GM Jim Barker said that Ray, 35, was examined by team medical personnel earlier this week and they're happy with his progress. CFL veterans are scheduled to report to training camp May 31.
"We were aware his rehabilitation would be a long process and going into the surgery we committed to the process," Barker said in a statement. "We will not rush him back early.
"Ricky will be provided the time he requires to allow his shoulder to fully heal. Over the next few weeks, he will intensify his rehabilitative therapy and continue to increase strength and range of motion in his shoulder so that he is ready to begin throwing when 2015 training camp opens."
Ray was the East Division's outstanding player last season for the second straight year. He led the CFL in passing yards (4,595), TD passes (28) and completion percentage (68.5 per cent) en route to being named a conference and league all-star.