Webb missed the World Cup after being caught in a ruck in Wales' final warm-up match against Italy in September.
It was initially feared he would miss the Six Nations, but asked if Webb, 26, could be back by February, Ospreys boss Steve Tandy said: "Yeah, potentially."
He added: "It was a unique break. We know we've got to be very careful in how we bring him back."
Webb underwent surgery on his foot and will miss the start of Ospreys' European Champions Cup campaign, which begins at home against Exeter on Sunday.
Tandy says the 16-times capped Webb "recovers unbelievably quickly from injuries".
But the head coach said: "We've got to restrain him, make sure he does everything and we won't be cutting corners with it."
Tandy hopes his side can begin their European campaign with a win.
"You want to set yourself with a good win to start with, and then see what you can pick up on the road but you can be out of the competition in the first fortnight," he said.
Wales and Ospreys scrum-half Rhys Webb could return from his foot injury in time to play in the 2016 Six Nations.