A cheer went up at training on Wednesday when the players were told of Krakouer's inclusion in the team to face Essendon on Saturday night at the MCG.
Coach Nathan Buckley confirmed Krakouer's return after the session.
The Magpies ramped up Krakouer's workload in his fourth VFL game back on the weekend, with the 29-year-old playing through the midfield and gathering 29 touches, 10 tackles and eight clearances.
Buckley said he had "demanded selection" with his excellent VFL form.
He also said Krakouer's story, which involved his comeback to AFL football in 2011 after being in prison for 16 months for assault, and then being granted leave shortly before his knee injury this year to address personal issues, made his return all the more special.
"It's a huge story. Even for him to come back and do what he did last year after his personal trials," Buckley said.
"It's just an absolute credit to him, the adversity he's faced and his ability to handle that, not perfectly - you're not human if you can just handle it without emotion, without feeling and just plough on.
"He's had his ups and downs and they've probably been more documented than any normal person should have to endure or handle.
"That's the strength of a football environment and club … we believe we've given fantastic support to 'Krak' since he's walked into the doors of the footy club, and we've got fantastic service from him in return.
"We're really excited about what the next period of time looks like for him and us."
Buckley said Krakouer's upside included his contested ball work - "he's probably got the cleanest hands in tight of nearly any player who's played the game in recent times" - and his ability to cover the ground despite the February operation.
Meanwhile, captain Nick Maxwell and ruckman Darren Jolly trained and are likely to play after missing last week with a groin problem and general soreness respectively.
Both moved well in the session although Jolly had a heavily taped left elbow.
Sharrod Wellingham will have to play with stitches in the webbing of his hand after an injury against West Coast on Saturday night.
View Collingwood's full injury list as of round 22.
Wellingham did very little in half a session of training and didn't appear to test out the left hand, which had heavy taping around his middle two fingers.
Buckley ruled out structural damage and said the stitches were just something he would have to get used to if he faced the Bombers.
"It's still mid-week and he's got plenty of time to get over it," he said.
"Clearly ball handling is very important but he's split the webbing in his hand there and he's got stitches in at the moment and he's going to carry stitches into the game - it's just going to have to be something he carries and gets used to."
Jennifer Witham is a reporter for AFL Media. Follow her on Twitter @AFL_JenWitham.
