The Victoria native suffered a knee injury during spring training in February after a freak accident with a sprinkler head.
Saunders has been rehabbing in Dunedin, Fla., after undergoing surgery to repair the knee.
The Blue Jays originally feared that their off-season acquisition wouldn't be able to play until the mid-July all-star break.
The 28-year-old outfielder was acquired in December from the Seattle Mariners for left-hander J.A. Happ. He spent 10 years with the Seattle organization and hit .273 with eight home runs and 34 RBIs in 78 games last year.
Saunders also played for Canada at the World Baseball Classic in 2013.
Steve Tolleson was designated for assignment by the Jays to make room for Saunders. The second baseman has played in six games so far this season for Toronto, hitting .273 with two RBIs.