Taylor picked up the injury in the second half of the Championship clash at home to Brentford on December 17 and has subsequently been unavailable for United's next 12 games.
The left back will also play no part in this Saturday's Championship trip to Ipswich Town but the defender will finally return to training next week, with Monk optimistic that the "naturally fit" defender will be soon be back in the fold.
"Injury-wise, it's only Charlie Taylor and he will be back with us next week," said Monk.
"It's an interesting one with Charlie because he is naturally probably the fittest or one of the fittest players in the squad.
"I've seen many players like that over the years where they can be out for a long period and not need too long to get back to it.
"Of course, we need to make sure the programme is followed and we know where he is fitness-wise.
"But when he is back out on the pitches and into the football sessions we will have to assess him and see where we think he's at and make judgements accordingly to that.
"What we can assume is that being in Charlie's favour is naturally he is probably one of the fittest players in the league.
"He's that type of body type - lucky for him - and I wish I had had that when I was playing and coming out of a rehab situation.
"He will be fine and we will judge it accordingly when we see him back out on the pitches."
Taylor aside, Monk will have a full squad to pick from at Ipswich, with captain Liam Bridcutt back available after serving a one-match ban.