Watson has been in a race against time to prove his fitness for next week's Brisbane opener after suffering a low-grade hamstring strain in the final one-day international against India on November 2.
While Watson has previously stated he was confident of at least being able to play as a batsman at the Gabba, he now also believes he could operate with the ball in hand as well after revealing he will return to bowling in the nets early next week.
"My bowling depends on how I continue to progress leading into the Test match," he told Fox Sports News Australia.
"At the moment things have progressed well. It is about trying to find a balance between pushing it to see where it is at without pushing it over the edge, which might mean I could miss (the Test) as a batsman alone.
"If everything continues to go the way it is then I could potentially look to bowl at the start of the week leading into the first Test."
Coach Darren Lehmann is not putting pressure on Watson to get back to bowling in time for the first Test, and instead Australia appear to be stepping a cautious line with their preferred number three batsman.
"The last thing I want is to push it over the edge and strain it just trying to get back as a bowler," Watson said.
"I've been very lucky this time that Darren Lehmann and the medical staff haven't put a massive amount of pressure on me to get back bowling.
"In a perfect world I will be bowling. We'll see how it progresses."
Should Watson be passed fit to bowl it would be a boost for Australia, who believe that England's lack of a genuine all-rounder can give them an edge in the series.
With England therefore set to rely on a four-man attack, Watson revealed Australia would look to bat for long periods and wear down their opponents in the heat of an Australian summer.
"That is the way we are going to win the Ashes," Watson said.
"As a batting unit we are going to bat for a long period of time, especially in the first couple of Tests. We will see where they are at physically and mentally. That is one of our biggest goals.
"We have no doubt they will keep coming but at what level?
"We haven't been able to challenge that level. Keep them coming back, get them fatigued and try to keep them that way as well. Don't let them off by batting badly and getting a rest.
"They are reliant on four bowlers including three world class bowlers (Jimmy Anderson, Stuart Broad and Graeme Swann). That is the reason they have been so successful.'
"We are starting to play a brand of cricket now where we are more aggressive and taking on the game. That is the brand of cricket Australia has always played at our best."
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