Fallon has been absent from British racecourses since 2006 after a trial into alleged race-fixing, in which he was cleared, and an 18-month drugs ban.
The six-time champion jockey, 44, will have his first rides in England for three years at Lingfield and Kempton.
"I'm not nervous. I'm just hoping I'm fit enough," said the Irishman.
"I have quite a few rides but they are all on the all-weather so it shouldn't be that difficult.
"It'll just be a little bit embarrassing having to come back after a long time," he told BBC Radio 5 live.
Fallon, the winner of three English Derbies, four 2,000 Guineas and two Prix de l'Arc de Triomphe, was given back his licence after attending a 30-minute hearing at the BHA headquarters in London.
BHA public relations manager Paul Struthers confirmed: "Kieren Fallon appeared before the licensing committee this morning and has been cleared to ride from Friday."
Fallon has been out of the sport since testing positive for a substance thought to be cocaine after Myboycharlie's win at Deauville, France, in August 2007. He had received a six-month ban for a similar offence in November 2006.
The Irishman said: "I've been working very hard for many years rushing around the county and around the world. If anything I needed a break and I got it.
"I didn't want it to be that long but we are here now and I'm just looking forward to Friday."
Fallon will step up to Group One level on Saturday when he rides William Haggas's ante-post favourite High Standing in the Betfred Sprint Cup at Haydock. The four-year-old is unbeaten in four races this year.
"I rode High Standing on Sunday morning and he just did a light stretch," Fallon added. "He has got very good speed figures so hopefully I am on the right one."
Former jockey Walter Swinburn, who won the Epsom derby three times, expects Fallon to hit the ground running on his return to competitive racing.
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