The Swansea City loanee has been out of action since injuring his ankle in Town’s Boxing Day draw with Exeter City.
“Hedges is back now,” Way told YTFC.net.
“He trained today which is great news and it was good to see him on the training ground.
“We’ve not decided (if he is fit enough for Saturday) but he’s looking very, very sharp.”
Way has three further injury concerns ahead of the visit of Sky Bet League Two leaders Doncaster Rovers this Saturday (3pm).
Otis Khan (ankle) and Alex Lawless (hip) have been missing since Town’s Checkatrade Trophy win over Reading Under-23s, while Ryan Dickson suffered a broken nose in the draw at Blackpool.
“They’re all very close,” he said.
“We have to make the right decision with them knowing we have two big games coming up and a month of Saturday, Tuesdays.
“With a small squad if I make a decision that they’re on the bench, I don’t want a player to go down injured, have to put them on after ten minutes and lose them for the rest of the month.
“I don’t want to make a wrong decision that could cost me for the rest of the season.”